Petrol and diesel prices have dropped today after a gap of 15 days across India. The oil marketing companies deciding to pass the benefit of softer global oil prices earlier this month to the consumers.
The prices of petrol and diesel fell by 16 paise and 14 paise per litre respectively. The price revision now means that petrol in Delhi will cost ₹90.40 a litre and diesel is now priced at ₹80.73 a litre.
However retail levels varied depending on the level of local levies in respective states. Premium petrol continues to remain over ₹100 per litre in Mumbai and several other cities across the country.
Petrol and diesel prices in India have remained constant since March 30, the last time when they were reduced. In the last price revision, petrol and diesel were reduced by 22 paise and 23 paise per litre respectively.
Before that, on March 24 and March 25, the oil companies decided to reduce the prices of petrol and diesel for two consecutive days after holding the prices for almost a month. It was the first time when the oil companies reduced the prices this year after it witnessed as many as 26 hikes in 2021. The combined hikes contributed to an overall jump of ₹7.46 per litre for petrol and ₹7.60 per litre for diesel.
With crude remaining below $65 a barrel, for the most part of the last fortnight along with softer product prices, the oil companies decided to break their pause and passed on the benefit to the consumers. The OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products' prices and dollar exchange rate.
According to recent developments, the global crude prices have once again crossed the $66 per barrel mark. If the crude oil prices go up or even hold its present level, the petrol and diesel prices may see another spike in coming days.