Diesel price cut by 20 paise, no change in petrol price

New Delhi, Aug. 20 (IANS): Diesel prices were reduced for the third consecutive day while petrol prices continued to remain unchanged.

In the national capital, diesel was sold for INR 89.27 per litre, 20 paise lower than the previous level. Petrol price was at INR 101.84 per litre.

Similarly, in Mumbai, diesel price also fell 20 paise to INR 96.84 a litre, while petrol was unchanged at INR 107.83 per litre.

Global crude oil prices continued to decline. The October contract of Brent crude oil on the Intercontinental Exchange (ICE) was trading at $66.72 per barrel.

The fall in global oil prices should have resulted in around INR 2 per litre reduction on retail rates of fuel. However, OMCs still want to see market movements before making further cuts.

The pump prices of auto fuels have been static since July 18.

The long price pause for auto fuels came after fuel prices increased for 41 days in the current financial year. The 41 increases have taken up petrol prices by INR 11.44 per litre in Delhi. Similarly, diesel rates have increased by INR 8.74 per litre in the national capital.

Prices of both auto fuels reduced only once in April by 16 and 14 paise per litre respectively. Diesel prices were also reduced by 16 paise per litre in Delhi on July 12 and again now on August 18, 19 and 20.