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Diesel prices drop for 3rd time this week, petrol remains unchanged

Diesel prices drop for 3rd time this week, petrol remains unchanged

New Delhi: State-run fuel retailers on Friday cut diesel rates by 20 paise a litre for the third day in a row that took the total reduction to 60 paise from Wednesday, a 0.66% fall from its record level.

However there is no respite for petrol customers as the price of the fuel rates remain unchanged even as international oil prices plunged 3.7% in these three days due to demand concerns.

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

Similarly, in Mumbai, diesel price also fell 20 paise to Rs 96.84 a litre, while petrol was unchanged at Rs 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 Rs 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 Rs 11.44 per litre in Delhi. Similarly, diesel rates have increased by Rs 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.

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