Oil price rise in India is way below global price hikes: Hardeep Singh Puri
The minister also highlighted India's commitment to accelerating a just and sustainable energy transition at the ministerial dialogue on India-US strategic clean energy.
Oil marketing companies slashed petrol and diesel prices on Wednesday by 18 paise per litre and 17 paise per litre respectively, marking the first reduction in over a year.
The rate reduction followed international oil prices tumbling to the lowest since early February as the second wave of COVID-19 infection clouded the prospects for a speedy recovery in consumption.
West Texas Intermediate for May delivery was down to USD 57.76 in New York on Tuesday, the lowest close since February 5. On the other hand, Brent for the same month lost USD 3.83 to USD 60.79 a barrel, the lowest since February 8.
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Coming back to India, the prices of petrol in New Delhi has come down to Rs 90.99 a litre from Rs 91.17 per litre, while diesel is now at Rs 81.30 a litre from previous rates of Rs 81.47.
Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).
Despite bouts of rate freeze, prices had gone up by a record Rs 21.58 per litre on petrol in the last one year. On diesel prices had increased by Rs 19.18 a litre.
Prices which last month hit record highs including crossing Rs 100 mark in some places in Rajasthan, Maharasthra and Madhya Pradesh, had been on freeze since February-end when elections to five states including West Bengal, Assam, Tamil Nadu and Kerala were announced.
In Mumbai, the petrol price was cut to Rs 97.40 a litre on Wednesday from Rs 97.57 while diesel rates were reduced to Rs 88.42 from Rs 88.60, the price notification showed.
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