Fuel prices on Thursday were finally cut down in the country with oil marketing companies deciding to pass the benefit of softer global oil prices earlier this month to the consumers.
With the price cut, petrol is now being retailed at Rs 90.40 a litre in Delhi, down from the previous day`s level of Rs 90.56 a litre. Similarly, diesel is now priced at Rs 80.73 a litre in the national capital from earlier level of Rs 80.87 a litre.
Fuel prices in the country remained unchanged for 15 consecutive days as oil marketing companies kept petrol and diesel prices static. The last time petrol and diesel prices fell were by 22 paise and 23 paise per litre respectively on March 30 in wake of global softening of oil prices.
With crude remaining below $65 a barrel, for most part of the last fortnight along with softer product prices, the oil companies decided to break their pause and passed on the benefit to the consumers. The OMCs benchmark retail fuel prices to a 15-day rolling average of global refined products` prices and dollar exchange rate.
However, the global crude has again gained and crossed $66 a barrel mark. If this holds for a few days, fuel prices may have to be revised upwards.
Before the long drawn pause, petrol and diesel fell by 22 paisa and 23 paisa per litre respectively last on March 30.
Across the country as well the petrol and diesel prices fell on Thursday but its retail levels varied depending on the level of local levies in respective states.
Premium petrol, however, continues to remain over Rs 100 a litre in Mumbai and several other cities across the country.
(With IANS inputs)