Diesel prices fall for the second day in a row in the country, as oil marketing companies let them reflect at the local level.
For the 33rd day in a row, gasoline prices do not see any decline as the oil market is still being scrutinized prior to the price revision.
With the cut, diesel is now priced at Rs 89.47 and unchanged in tariffs, gasoline continues to sell at Rs 101.84 per liter in Delhi.
Also throughout the country, diesel prices fell between 18 and 25 paise per liter, while gasoline remained at the same level during the last month.
Global crude prices have now softened to less than $ 70 a barrel after they swung in all directions in July, starting at a low of $ 70 a barrel to quickly climb to more than $ 77 a barrel, only to soon fall. below $ 70 a barrel and crossing $ 75 a barrel at the end of the month.
The fall in world oil should have resulted in a reduction of almost 2 rupees per liter in the retail price of fuel. However, the OMCs still want to see market movements before making further cuts.
The pump price of automotive fuels has been static since July 18.
In the city of BombayWhere gasoline prices crossed the Rs 100 mark for the first time on May 29, the price of fuel is Rs 107.83 per liter. Diesel price in the city it is also close to Rs 97.04 a liter, the highest among the meters.
Gasoline prices in all meters have already exceeded Rs 100 per liter. In Chennai, gasoline is priced at Rs 99.47 per liter and in Calcutta Rs 102.08 per liter. Diesel is also priced at Rs 94.02 and Rs 92.57 per liter in both cities, respectively. In Chennai, gasoline prices fell almost 3 rupees per liter on August 14 after the state government cut VAT in fuel.
The long lull in car fuel prices came after fuel prices increased for 41 days in the current fiscal year. The 41 increases have raised gasoline prices by Rs 11.44 per liter in Delhi. Similarly, diesel tariffs have increased by Rs 8.74 per liter in the national capital.
The prices of both automotive fuels fell only once in April by 16 and 14 paise per liter, respectively. Diesel prices also fell by 16 paise per liter in Delhi on July 12 and again now on August 18 and August 19.
Since April 2020, gasoline prices have risen by Rs 32.25 per liter from Rs 69.59 per liter to Rs 101.84 per liter now in Delhi. Similarly, diesel prices during the period increased by Rs 27.18 per liter from Rs 62.29 to Rs 89.47 per liter in the national capital.
(With IANS inputs)