On Thursday, fuel prices in the country finally plummeted, as oil marketing firms decided to pass on the benefits of lower global oil prices earlier this month to customers. As a result, petrol and diesel rates at the pump dropped 16 paise and 14 paise per litre, respectively, on Thursday. According to Indian Oil Corporation, petrol is now retailed at Rs 90.40 per litre in Delhi, down from Rs 90.56 per litre the day before, and diesel has been lowered by 14 paise from Rs 80.87 per litre to Rs 80.73 per litre. According to the state-run oil refiner, modified petrol prices in Mumbai are Rs 96.83 per litre and diesel prices are Rs 87.81 per litre. Because of the value-added tax (VAT), petrol and diesel rates differ across India. While crude stayed below $65 a barrel for the bulk of the last fortnight, as well as lower product costs, oil companies agreed to end their hiatus and hand the benefits on to customers.
The OMCs use a 15-day rolling average of global refined oil rates and the dollar exchange rate to set retail fuel costs. Global oil, on the other hand, has risen and now stands at $66 a barrel. Fuel rates may have to be adjusted upwards if this continues for a few days. Last on March 30, petrol and diesel dropped 22 paise and 23 paise per litre, respectively, before the long-awaited delay. Petrol and diesel prices dropped across the country on Thursday, but retail costs differ depending on the rate of local taxes in different states. Premium petrol, on the other hand, remains above Rs 100 a litre in Mumbai and many other cities of India. Since, maintaining oil prices stable for 24 days, the OMCs slash prices for the first time this year on two separate days - March 24 and March 25. On March 30, the price was cut once again. Following that, for the next 15 days, petrol prices remained stagnant before dropping again on April 15. The below are the most recent diesel and petrol rates in the four metros:
|City||Petrol Price||Diesel Price|
|Delhi||Rs 90.4||Rs 80.73|
|Mumbai||Rs 96.83||Rs 87.81|
|Chennai||Rs 92.43||Rs 85.75|
|Kolkata||Rs 90.62||Rs 83.61|