Diesel prices were lowered marginally in the metros on Thursday, marking the first reduction in the rate of the fuel in close to six months. In Delhi, the rate of diesel was reduced by 16 paise per litre to Rs 73.40 per litre with effect from 6 am on Thursday, from Rs 73.56 per litre, according to notifications by state-run Indian Oil Corporation. The price of petrol in the national capital was retained at the existing Rs 82.08 per litre, according to Indian Oil, the country's largest fuel retailer. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City)
Thursday's revision in diesel rates is the first reduction since mid-March. Indian Oil Corporation, Bharat Petroleum Corporation and Hindustan Petroleum Corporation had kept the diesel price unchanged for 82 days to adjust a record hike in excise duty on fuels against a declining benchmark cost.
Before the latest reduction, diesel rates were increased by Rs 12.55 per litre between June 7 and July 25, and kept steady ever since - except a one-time cut of Rs 8.38 per litre in the national capital on account of a cut in VAT.
In Mumbai, the price of diesel was reduced to Rs 79.94 per litre on Thursday, from Rs 80.11 per litre, whereas that of petrol was kept steady at Rs 88.73 per litre.
Here are the latest prices of petrol and diesel (in rupees per litre) in the four metros on September 3:
|Source: Indian Oil|
Currently, Indian Oil and two other state-run oil marketing companies, Bharat Petroleum and Hindustan Petroleum, which account for the majority of fuel stations in the country, review the petrol and diesel rates in various parts of the country on a daily basis. The three implement any changes in the rates at fuel pumps with effect from 6 am every day.
Petrol and diesel prices are revised from time to time to align them with global crude oil rates and the rupee-dollar exchange rate.
Meanwhile, Brent crude - the global benchmark for crude oil - fell as much as 1.98 per cent to $43.55 per barrel on Thursday, as worries about falling US demand and sluggish economic recovery from the COVID-19 pandemic dented sentiment.
The rupee ended lower at 73.47 against the US dollar, declining for a second straight session.