On Sunday ahead of the third phase of polling for the assembly elections in West Bengal, Union Petroleum Minister Dharmendra Pradhan said state-oil marketers have of late cut price of fuel as well as LPG gas, and fuel rates may further trend lower.
Since February 27 were static soon after the Election Commission announced elections in 5 states. But since March 24, there have been made small rate cuts of 61 paise on 60 paise on petrol and diesel prices. And from April 1, prices on LPG gas has been lowered by Rs. 10 per cylinder.
"In last few days, petrol and diesel rates have started falling. We had said earlier that when crude oil prices will fall in the international market, we will pass on the benefit to the consumer... Price of LPG (liquefied petroleum gas or cooking gas) has also started falling. It will fall further in coming days," Pradhan told reporters.
Also, in the wake of polling in some of the states, politically-sensitive fuel rate may fall further lower. And notably a fall in diesel prices shall be more pronounced when compared to petrol rates.
As per IOC, the country's largest oil retailing and refining company, in the second fortnight of March, international rates were dragged owing to demand outlook as there have been reported higher coronavirus cases in Europe and Asia, as well as concerns relating to vaccine side-effects weighed.
Amid supply constriction by OPEC+, brent crude witnessed a strong jump for more than a month to $69.63 per barrel. The last trade price of the commodity just before the weekend's closing was nearly $64 per barrel.