Petrol, diesel prices cut for second time in 3 days

Petrol and diesel have become cheaper after oil marketing companies reduced the prices on Monday.

The Indian Oil Corporation reduced the prices of petrol and diesel by 13 to 16 paise across metros. As a result, in Delhi, the price of petrol fell by 14 paise to ₹ 81.72, while diesel was cheaper by 15 paise at ₹72.78 per litre.

The petrol price in Mumbai was down by 13 paise to ₹88.51 per litre and diesel price fell by 16 paise to ₹79.29 per litre.

Similarly, in Chennai, a litre of petrol costs ₹84.72, while diesel is priced at ₹78.12 per litre.

The petrol price in Kolkata has dropped to ₹83.23 per litre and diesel price to ₹76.28 a litre.

This is the second reduction in rates in three days. On Saturday, petrol price was reduced by 13 paise per litre, and diesel price by 12 paise. There was no change in prices on Sunday.

Petrol price fell for the first time last week after rising for six months. This is the third reduction in September. The price of diesel has been reduced six times this month.

State-run oil market companies — Bharat Petroleum Corporation and Hindustan Petroleum Corporation, besides Indian Oil Corporation — set the prices of the fuels, reviewing them daily on the basis of international rates. Any change in the prices comes into effect at retail fuel pumps from 6 am that particular day.

The oil marketing companies left the prices unchanged between March 16 and June 7 as the COVID lockdown that was announced on March 24 resulted in a crash in sales. Between June 7 and June 29, the companies had cumulatively increased petrol prices by Rs 9.17 per litre; diesel prices increased by Rs 12.55 a litre between June 7 and July 25.

Petrol prices had increased by Rs 10.68 per litre since June 7 before the first reduction was announced on September 10.