In the first reduction in rates in over a year, petrol price was cut by 18 paise per litre and diesel by 17 paise a litre on March 24, as international oil prices tumbled to the lowest since early February.
Petrol price was cut to Rs 90.99 a litre in Delhi from Rs 91.17 per litre, according to a price notification of state-owned fuel retailers. While, diesel now comes for Rs 81.30 a litre in the national capital, down from Rs 81.47 previously.
In Mumbai, the petrol price was cut to Rs 97.40 a litre on March 24 from Rs 97.57; while diesel rates were reduced to Rs 88.42 from Rs 88.60, the price notification showed.
Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).
This is the first reduction in fuel prices in over a year. Prices were last reduced on March 16, 2020.
Despite bouts of rate freeze, prices had gone up by a record Rs 21.58 per litre on petrol in the last one year. On diesel prices had increased by Rs 19.18 a litre.
Prices which last month hit record highs including crossing Rs 100 mark in some places in Madhya Pradesh, Maharashtra and Rajasthan, had been on freeze since February-end when elections to five states including Assam, Kerala, Tamil Nadu and West Bengal were announced.
The rate reduction followed international oil prices tumbling to the lowest since early February as the second wave of COVID-19 infection clouded the prospects for a speedy recovery in consumption.
West Texas Intermediate for May delivery was down to $57.76 in New York on March 23, the lowest close since February 5 while Brent for the same month lost $3.83 to $60.79 a barrel, the lowest since February 8.
The rise in coronavirus cases is threatening the economy's recovery from the recession.
Here's the city-wise price list on March 24 after the cuts:
>> Bengaluru - Petrol now costs Rs 94.04; while diesel costs Rs 86.21
>> Chennai - Petrol now costs Rs 92.95; while diesel costs Rs 86.29
>> Delhi - Petrol now costs Rs 90.99; while diesel costs Rs 81.30
>> Hyderabad - Petrol now costs Rs 94.61; while diesel costs Rs 88.67
>> Jaipur - Petrol now costs Rs 97.56; while diesel costs Rs 89.84
>> Kolkata - Petrol now costs Rs 91.18; while diesel costs Rs 84.18
>> Mumbai - Petrol now costs Rs 97.40; while diesel costs Rs 88.42
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