Sanctions game
The global oil market has become a battleground of sanctions and strategic manoeuvres.
Oil marketing companies cut the automobile fuel prices for the third time within a week on Tuesday on the back of reduced global oil prices.
Petrol price was cut by 22 paise per litre and diesel by 23 paise per litre, according to a price notification of state-owned fuel retailers.
In the national capital, petrol was sold for Rs 90.56 per litre, 22 paise lower than the previous level of Rs 90.78.
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Similarly, in other key cities of Mumbai, Chennai and Kolkata, petrol was priced at Rs 96.98, Rs 92.58 and Rs 90.77 per litre, respectively.
Diesel, on the other hand, was at Rs 87.96 in Mumbai, Rs 85.88 in Chennai and Rs 83.75 per litre in Kolkata.
Retail prices of diesel and petrol had last cut on March 25.
Fuel prices were reduced for the first time in six months on March 24, and thereafter on March 25 as well after international oil prices fell on prospect of speedy recovery in consumption getting clouded by the second wave of COVID-19 cases.
They had remained on freeze thereafter as global rates edged up after one of the world’s most vital waterways clogged. The reopening of the Suez Canal cooled rates again.
In all three reductions combined the petrol price has come down by 61 paise per litre and diesel by 60 paise.
Despite bouts of rate freeze, prices had gone up by a record Rs 21.58 per litre on petrol since the government raised excise duty in March last year. Diesel prices had increased by Rs 19.18 a litre
The Brent crude futures slipped 0.57 per cent to $64.61 a barrel, data on Oilprice showed. Similarly, the WTI crude was also down by 0.75 per cent to $61.10 at the time of filing the story.
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