Consumers can heave a sigh of relief as oil marketing companies (OMCs) have reduced the retail price of petrol and diesel on Tuesday.
Petrol price fell by 22 paise per litre and diesel by 23 paise per litre in Delhi on Tuesday. This has brought down the retail price of petrol to Rs 90.56 and diesel to Rs 80.87 a litre, respectively in the capital.
Across the country as well, the petrol and diesel price fell with the quantum varying on the level of local levies on respective states.
In Mumbai, the petrol price was cut to Rs 96.98, while diesel rates were reduced to Rs 87.96.
A litre of petrol in Chennai costs Rs 92.58 per litre and diesel Rs 85.88 per litre. While in Kolkata, petrol is now selling at Rs 90.77 and diesel at Rs 83.75.
Last week, the OMCs had cut the prices of petrol and diesel twice, after holding them steady for almost a month. The OMCs had kept prices of the two fuels unchanged since February 28. Prices of petrol and diesel had hit record highs in February amid elevated crude oil prices.
Since the beginning of February crude has gained more than $7 per barrel that pushed OMCs to increase fuel prices on 14 occasions raising the prices by Rs 4.22 per litre for petrol and by Rs 4.34 a litre for diesel in Delhi.
Crude has now slipped around 10 per cent in last eight days and is now sitting a tab lower around $60 a barrel on the back of rising US inventory and concerns on demand squeeze over new wave of the pandemic.
The petrol and diesel prices have increased 26 times in 2021 with the two auto fuels increasing by Rs 7.46 and Rs 7.60 per litre, respectively so far this year.
(With inputs from Agencies)