In a sigh of relief to common people, the petrol and diesel prices have finally come down after remaining steady for 25 days. This is the first reduction in fuel prices this year.
Petrol-diesel prices across the country had crossed INR 100 crore due to the rise in international crude oil prices. Along with the hike in gas and edible oil prices, the rise in petrol-diesel prices was hitting the common man. The state-owned oil companies have reduced the petrol prices by 17 paise per litre and diesel by 18 paise per litre.
After this reduction, the price of petrol in Mumbai has down to INR 97.40 per litre from 97.57 per litre. While the diesel price after reduction comes to INR 88.42 per litre.
Petrol prices in 4 metro cities as of March 24:
Delhi: INR 90. 99
Mumbai: INR 97.40
Kolkata: INR 91.18
Chennai: INR 92.95
Diesel price in 4 metro cities
Delhi: INR 81.30
Mumbai: INR 88.42
Kolkata: INR 84.18
Chennai: INR 86.29
The biggest reason behind the reduction is that in the international market, the price of crude oil has been cut by up to 10 per cent in 15 days. The price has come down from a high of $71 per barrel to $64 per barrel. However, the prices of petrol and diesel are still at a record high.
The last change in the prices of petrol and diesel took place on February 27, 2021. Earlier in February, petrol and diesel were hiked 16 times.
Petrol and diesel prices, if changed, are updated every day at 6 am. Hence, the new rates come into effect from 6 am onwards daily. The price of petrol and diesel almost doubles after adding excise duty, dealer commission and other items.
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