After witnessing global price hikes in crude for months, oil marketing companies have finally reduced the prices of petrol and diesel for the first time in two month due to softer crude prices.
In past two months, the OMCs have finally cited that there is a cut down in the cost of fuel production as the prices of crude have softened a little and hence, petrol price was cut down by 21 paise and diesel price was cut down by 11 paise. Minus the occasional and temporary price reduction aided by the government to there has been no fuel price cuts in last two months and this is the first ever price drop in the last two months by the Oil Marketing Companies after the crude price started soaring since January.
The price was dropped earlier by more than $7 from a high of $86.74 reached on October 3, due to rising US Crude inventories, Saudi Arabia-US tension and falling Iranian exports. Which led to the minimum price drop of Rs. 2.50 across the country and in some states it was dropped by nearly 5 Rupees. This price drop was a major relief to the common men of India. However, Indian OMCs decided to send out notifications of fuel price reduction was made after global crude player Brent dropped the price by 94 cents to $79.11 on late Thursday.
So with the softer crude prices, the current rate of petrol in Delhi is Rs 82.62, cutting down about 21 paise from Rs. 82.83 a litre previously. While a litre of diesel will now cost Rs 75.58 instead of Rs 75.69 – cheaper by 10 paise in Delhi. For Mumbai, the petrol price is currently Rs 88.08 and diesel price is Rs 79.24 per litre. Before the October 5 price drop, the petrol price in Delhi reached an all-time high of Rs. 84 per litre and diesel also was 75.45 Rupees per litre. But later it came down to 81.50 Rupees for petrol and 72.95 rupees for diesel for one litre. This might not look like a huge difference, but it is still a relief.