Thanks to the softer crude prices in global market, fuel prices have witnessed yet another slash down again on Saturday for second continuous day and dipped down by 19 paise per litre of petrol and 11 paise per litre of diesel in Delhi as well as most cities across India.
The downfall on petrol and diesel prices have continued for the second day as the prices of crude keep getting softer – leading to cost cutting to oil manufacturers. In Delhi, the fresh prices of petrol is now Rs 78.99 a litre – which is 19 paise cheaper than yesterday prices, and a litre of diesel now costs Rs 73.53 making it 11 paise cheaper. Meanwhile for Mumbai, petrol costs Rs 84.49 a litre and diesel rate is at Rs 77.06; and the downfall has remained constant across all major cities of India today.
The slash down in prices of fuel on Saturday continues the trend of a continuous decline in fuel costs during last few weeks, following humongous hikes. The ease in petroleum market is due to the softer prices of crude, as Brent crude, the yardstick for international crude prices fell down to as much as $72.57 per barrel – compared to its recent high of over $86. This has led to cheaper fuel processing costs for state-owned oil firms. However, the cut is essentially just few paise cheaper and has remained practically constant in previous few weeks – making it remain far higher than being affordable for common man.
The fuel cost cut-down trend is currently a much-needed relief as petrol and diesel had soared to highest-of-all-time prices. Although the central and state governments had made efforts to bring down the cost by cutting taxes and excise duties implemented on fuel, it still proved to be a national concern for all. Perhaps, the upcoming elections will bring some relief and cool down the relentless hikes in fuel prices for entire India.