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Petrol, diesel prices fall again as crude rates soften

After the steady increase of fuel prices in July and August, there is some relief now.

The fuel price of petrol and diesel fell by 15 and 19 paisa per litre respectively in Delhi.

This is the third fall in petrol price and seventh reduction in diesel price this month. Prior to this month, while petrol prices had risen, the diesel price remained steady or fell for a few days.

Accordingly, petrol is now being retailed at Rs 81.40 a litre and diesel at Rs 72.37 a litre in Delhi.

According to the Indian Oil Corporation website, petrol price has now reduced to Rs 81.40, Rs 82.92, Rs 88.07 and Rs 84.44 a litre in Delhi, Kolkata, Mumbai and Chennai respectively. Similarly the price of diesel in these metros in the same order stands at Rs 72.37, Rs 75.87, Rs 78.85 and Rs 77.73 per litre respectively.

The latest changes in the retail prices of auto fuel are in line with the global price movement of the product. In the international market, crude prices have also shed 15 per cent gain in the last few days reaching below $40 a barrel from the level of $45 a barrel and rising just in the previous month. It is currently hovering at around $41 a barrel.

In India still the economic activity is under the influence of Covid 19 effect, the partial lockdown in a few states is still continuing and acts as a hurdle to normal functioning of economic recovery.

International prices of petrol and diesel are monitored by their own demand supply situation and follow the crude price trajectory with a gap..