Despite crude on rebound, sharp cuts in fuel prices in India
New Delhi, Sep. 18 (IANS): Petrol and diesel prices in the country have fallen sharply again even though global oil prices rebounded and rose over $43 a barrel, marking its fifth consecutive day of rise.
On Friday, the pump prices of petrol and diesel fell by 26 and 35 paisa per litre, respectively in the national capital making it one of the sharpest daily fall in last five months.
Accordingly, petrol is now at INR 81.14 a litre and diesel INR 72.02 a litre in Delhi.
In the last two days of price cuts, petrol has become cheaper by 41 paisa per litre while diesel 54 paisa per litre.
This is fourth fall in petrol prices and eighth reduction in diesel prices this month. Prior to this month while petrol prices had risen, diesel prices remained steady or fell on few days.
According to Indian Oil Corporation website, petrol prices have now reduced to INR 81.14, INR 82.67, INR 87.82 and INR 84.21 a litre in Delhi, Kolkata, Mumbai and Chennai, respectively. Similarly the price of diesel in these metros in the same order stands at INR 72.02, INR 75.52, INR 78.48 and INR 77.40 per litre, respectively.
Friday’s price cuts has been in the range of 23-26 paisa in the case of petrol and 33-37 paisa in the case of diesel.
The latest changes in retail prices of auto fuel is in line with global price movement of the product in preceding weeks when prices had softened. But crude prices have risen in the last five days with benchmark Brent crude hovering over $43 a barrel for November delivery on Inter Continental Exchange. Even US crude WTI has shot over $41 barrel mark.