The petrol and diesel prices were slashed for the second consecutive day this year after a sharp fall in global crude oil prices.
On Thursday, March 25, state-run oil marketing companies (OMCs) cut petrol and diesel prices by 21 paise and 20 paise, respectively.
Even after today’s cut, Mumbai’s petrol cost is the highest across major cities at INR 97.19 per litre while diesel in the country’s financial capital costs INR 88.20 per litre.
Meanwhile, a litre of petrol in Delhi costs INR 90.78, down from INR 90.99 whereas the diesel price has come down to INR 81.10. Petrol rates have also dropped in other major cities too.
Kolkata - INR 90.98
Chennai - INR 92.770
Bengaluru - INR 93.28
Hyderabad - INR 94.39
Jaipur - INR 97.31
The diesel prices in other major cities are:
Kolkata – INR 83.98
Chennai - INR 86.10
Bengaluru - INR 85.99
Hyderabad – INR 88.45
Jaipur – INR 89.60
While today's drop may not provide sufficient relief to citizens, the fact that OMCs reduced rates after a fall in global oil prices is a positive development.
This is also an indication that if global oil prices fall further, OMCs are likely to pass on the benefit to consumers.
However, the bigger reason behind India’s exorbitant petrol and diesel rates is the high fuel tax – freight charges, VAT and local taxes levied by the Centre and state governments.
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