Fuel prices have been on the upswing for the last couple of months and finally there have been some reduction in rates after a while. Fuel prices were reduced for the second day today, bring petrol retail price down to ₹ 90.78 per litre in Delhi. While petrol prices have been cut by 21 paise lower in Delhi, diesel prices have been reduced by 20 paise. Prices of both petrol and diesel were reduced for the first time in this year yesterday after a year's long gap. Fuel prices were last cut on March 16, 2020.
In fact, prices were reduced in other metro cities as well and not only in Delhi. The price reduction varied between 1821 paise for petrol and 20-22 paise for diesel. After today's drop in prices, petrol is retailing at ₹ 97.19 in Mumbai, Rs, 92.77 in Chennai and Rs, 90.98 in Kolkata. As far as diesel is concerned, in Delhi it is being retailed at ₹ 81.10, ₹ 88.20 in Mumbai, Rs 86.10 in Chennai and Rs 83.98 in Kolkata.
The slight cut in prices is believed to be due to the drop in the cost of Brent crude oil to $ 63.27 per litre,, down from $ 68 per litre. That said, we still can't say if prices will be reduced further. According to some news reports, a massive cargo-container ship is stuck at the Suez Canal, further delaying other container ships in the world's busiest waterway. This is likely to lead to global crude price rise once again.