Petrol and diesel prices were dropped by 13-20 paisa per litre across the metropolitan cities on Thursday in the wake of softening of global oil prices as an extended run of Covid-19 has depressed demand and created a glut in the market.
The deduction in fuel prices has been in the range of 13-15 paisa in the case of petrol and 18-20 paisa in the case of diesel.
In Delhi, the prices of petrol and diesel slipped by 15 and 19 paise per litre respectively. As per the state-run oil marketing companies petrol is now being retailed at Rs 81.40 a litre and diesel at Rs 72.37 a litre.
The latest deduction in fuel prices marks the third fall in petrol rate and seventh reduction in the cost of diesel this month. Prior to this month, while petrol price had risen, the diesel price remained steady or fell for a few days.
As per the Indian Oil Corporation website, petrol price has now reduced to Rs 82.92, Rs 88.07 and Rs 84.44 a litre in Kolkata, Mumbai and Chennai respectively.
Similarly, the price of diesel in these metros stands at Rs 75.87 in Kolkata, Rs 78.85 in Mumbai and Rs 77.73 per litre in Chennai.
The latest changes in the retail prices of auto fuel are in line with the global price movement of the product. In the international market, crude prices have also shed 15 per cent gain in the last few days reaching below $40 a barrel from the level of $45 a barrel and rising just in the previous month. It is currently hovering at around $41 a barrel.
The price of fuel may remain steady or fall in the coming days due to the current movement in the international oil prices.