Diesel price drops on Monday, petrol remains unchanged

Domestic prices of diesel were marginally lowered by 9-10 paise in all major metropolitan cities on Monday, marking the fourth cut. In the New Delhi, diesel was priced at Rs 70.71 per litre, 9 paise down from Rs 70.80 a litre on Sunday.

The recent fuel price fall is on the back of expectation of slowing demand for oil globally as a second wave of coronavirus spike threatens further derail economic activity.

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Similarly, prices of the fuel also fell in the other metros. In Mumbai, Chennai and Kolkata, the fuel was sold at Rs 77.12, Rs 76.18 and Rs 74.23 respectively on Monday, compared to the previous levels of Rs Rs 77.22, Rs 76.27 and Rs 74.32 per litre.

Diesel prices have now fallen for four consecutive days. In earlier months as well diesel has maintained consistent fall.

Oil marketing companies, however, kept petrol prices unchanged for the six consecutive days. In Delhi, Mumbai, Chennai and Kolkata, petrol was priced at Rs 81.06, Rs 87.74, Rs 84.14 and Rs 82.59 per litre respectively.

Brent crude price is also subdued around $42 a barrel.

For domestic auto fuel consumers, the price fall has been a bonanza amidst the current tough economic conditions. With the price cut on Monday, diesel has now become cheaper by Rs 2.85 per litre in Delhi this month.