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Transporters' body AIMTC on Friday termed the recent 14-16 paise per litre cut in petrol and diesel prices across major cities as "ostentatious", and said there is still a room to reduction their prices by up to 40 per litre.

In a statement, the All India Motor Transport Congress (AIMTC), which claims representing over 95 lakh truckers and entities, said it is an open fact that this small cut in the petrol and diesel prices has a bearing on the election in four states — West Bengal, Tamil Nadu, Kerala and Assam.

All India Motor Transport Congress Chairman (Core Committee) Bal Milkit Singh said, "We welcome the miniscule decrease in prices of petrol and diesel prices by about 14-16 paise per litre across major cities, which is on account of a correction in the price of Brent crude to about USD 62 per barrel in early April 2021 from a peak of USD 70 a barrel in early-March 2021.

Currently, the prices of petrol and diesel in the national capital stand at 90.40 and 80.73, respectively, he said. "This suggests that there is still a room for reduction of over 40 in each case."

(Also read: Petrol, diesel prices fall after a gap of two weeks)

Singh said the reduction in prices is "cosmetic in nature and too little to make any tangible difference in the current scenario". Bringing them down further by over 40 "is the need of the hour and the people of the country need relief from the adverse fall-out of second wave of the coronavirus pandemic", he added.

AIMTC also said that in May 2014 when the international crude oil was USD 105 per barrel, the petrol price was 71.41 and diesel price was 56.71.

"In December 2020, when crude oil was at USD 47.58 a barrel, petrol in India increased to 90.34 and dielsel 80.51," he said.

The current crude prices is of July 2009 level when crude oil was around USD 64.82 per barrel and the petrol prices in the country was 40.62 and diesel price was 30.86, Singh said in the statement.

This story has been published from a wire agency feed without modifications to the text. Only the headline has been changed.