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Petrol, diesel prices cut for the second day

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 ₹90.78 per litre in Delhi and a litre of diesel comes for ₹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 ₹21.58 per litre on petrol since the government raised excise duty in March last year. Diesel prices had increased by ₹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 ₹97.19 a litre on Thursday from ₹97.40 while diesel rates were reduced to ₹88.20 from ₹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.

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