Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT)
Petrol and diesel prices were on Thursday cut for the second straight day as international oil prices cooled fell on prospects of speedy recovery in consumption getting clouded by second wave of COVID-19 cases.
Petrol price was cut by 21 paise per litre and diesel by 20 paise, according to a price notification of state-owned fuel retailers.
Petrol now costs Rs 90.78 per litre in Delhi and a litre of diesel comes for Rs 81.10.
Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).
Prices were reduced by 18 paise a litre on petrol and 17 on diesel in the first reduction in six months on Wednesday.
Despite bouts of rate freeze, prices had gone up by a record Rs 21.58 per litre on petrol since the government raised excise duty in March last year. Diesel prices had increased by Rs 19.18 a litre.
Prices which last month hit record highs including crossing Rs 100 mark in some places in Rajasthan, Maharasthra and Madhya Pradesh, had been on freeze since February-end when elections to five states including West Bengal, Assam, Tamil Nadu and Kerala were announced.
In Mumbai, the petrol price was cut to Rs 97.19 a litre on Thursday from Rs 97.40 while diesel rates were reduced to Rs 88.20 from Rs 88.42, the price notification showed.
The rate reduction followed international oil prices tumbling to the lowest since early February as the second wave of COVID-19 infection clouded the prospects for a speedy recovery in consumption.
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.