Oil marketing companies kept price of petrol unchanged while the rate of diesel was reduced by 17-20 paisa across four major metro cities on Friday. The latest cut in diesel price comes after a two-day pause as the product prices fell globally while crude prices remained steady.
In the New Delhi, diesel price fell by 18 paisa per litre to Rs 71.10 a litre down from Rs 71.28 per litre on Thursday. The petrol price remained static at Rs 81.06 a litre.
In the other metros of Mumbai, Chennai and Kolkata, diesel price fell between 17-20 paisa per litre.
As per the latest rates, diesel now costs Rs 77.53 in Mumbai, Rs 76.55 in Chennai and Rs 74.62 in Kolkata. While petrol price in Mumbai, Chennai and Kolkata still remains at Rs 87.74, Rs 84.14, and Rs 82.59 respectively.
The price fall is on the back of expectation of slowing demand for oil globally as the second wave of coronavirus spike threatens further to derail the economic activity.
Though crude prices revived slightly on Friday after falling continuously for the last few days, it is expected to remain soft on demand expectations.
For domestic auto fuel consumers, the price fall has been a bonanza amid the current tough economic conditions. With the price cut on Friday, diesel has now become cheaper by Rs 2.46 per litre in Delhi this month.