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Tuesday, September 28, 2021

Petrol prices cut for first time in over a month; diesel down again

The reduction came as international oil prices tumbled to their lowest level since May, after the US Federal Reserve signalled it was set to start tapering asset purchases within months, hurting commodities and lifting the dollar.

By: ENS Economic Bureau | New Delhi |
August 23, 2021 4:21:55 am
Sunday’s cut in petrol price came after 36 days of status quo in rates. Diesel rate change was effected after 33 days of no change. (File Photo)

Petrol and diesel prices were cut by 20 paise per litre each on Sunday — the first reduction in petrol rate in over a month, and the fourth in case of diesel in less than a week. Petrol price in Delhi was cut to Rs 101.64 a litre and diesel to Rs 89.07 per litre, according to a price notification of state-run oil companies.

The reduction came as international oil prices tumbled to their lowest level since May, after the US Federal Reserve signalled it was set to start tapering asset purchases within months, hurting commodities and lifting the dollar.

The price cut in diesel is the fourth since August 18, when the reduction cycle began. All four reductions have been of 20 paise per litre each. On the previous three occasions when diesel rates were cut, petrol prices remained unchanged.

Sunday’s cut in petrol price came after 36 days of status quo in rates. Diesel rate change was effected after 33 days of no change.

The freeze in rate revision coincided with Parliament session.

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