New Delhi: Oil marketing companies (OMCs) today reduced the pump price of petrol and diesel providing a much needed relief for fuel consumers from high rates of petroleum products. Petrol and diesel prices were cut by 15 paise per litre respectively across the country. However, the retail rates of petrol and diesel will vary depending on the level of local taxes in each state, as per an IANS report.
Petrol Price Today, Diesel Price
- Following the cut, Petrol was priced at Rs 101.34 per litre and diesel Rs 88.77 a litre in Delhi on Wednesday, the IANS report says.
- The reduction in fuel rates have come after the price level was maintained for the last seven days as OMCs decided to wait and watch the developments in the global oil market before revising retail prices, IANS reported.
- The latest cut had come in the wake of softening of oil prices on anticipation of rising production by main oil producers this month. Also, demand projections have been fluctuating in the wake of continued Covid infections across the globe.
- After falling, global crude oil prices had firmed up over the past week to cross USD 73 per barrel mark. The expectation is that with more crude coming into the market next month oil prices may soften a bit that could help in keeping product prices also under check, IANS reported.
- Before price revision for auto fuel again began this month, its rates had been static for 35 days between July 18 and August 21.
- This pause in prices came after fuel prices increased for 41 days in the current financial year. The 41 increases have taken up petrol prices by Rs 11.44 per litre in Delhi. Similarly, diesel rates have increased by Rs 8.74 per litre in the national capital.
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