As we have discussed a few days ago that global crude oil dropped by nearly 10 per cent. Also, it expected that OMCs will likely cut down the diesel and petrol price. On Wednesday, the first reduction in the price of petrol and diesel takes place in 2021. Petrol is cut by 18 paise whereas diesel by 17 paise per litre.
In Delhi, the Petrol price reduced to Rs 90.99/litre from Rs 91.17, as per the state-owned fuel retailers price notification. Now, the price of diesel is available at Rs 81.30 per litre, initially, it was recorded as Rs 81.47 in the national capital region.
The price of diesel and petrol reduced all over the country and differ from state to state based on the local incidence of taxation (VAT). This is the first reduction in fuel prices in a year. The last reduction was made on 16th March 2020.
Fuel Prices In Different States Of India
In some states like Maharashtra, Rajasthan, and Madhya Pradesh, the prices hit records high of over Rs 100 and had been freeze since the end of February. In Mumbai, the petrol price reduced to Rs 97.40 per litre from Rs 97.57, whereas diesel rates are reduced to Rs 88.42 from Rs 88.60.
The reduction in the price of diesel and petrol results in a dropping in the international crude oil prices. It has reduced to the lowest this year as the second wave of COVID-19 infection effect the speedy recovery in consumption.
West Texas Intermediate is down to $57.76 for May in New York, and it is the highest lowest since February 5. Additionally, the Brent reduced by USD 3.83 and now the price is $60.79 per barrel.
The upsurge in the covid-19 new cases threatening the country’s economic recovery from the recession.