Bhubaneswar: Fuel prices in India finally fell Thursday after 15 days with oil marketing companies deciding to pass the benefit of softer global oil prices earlier this month to the consumers.
Accordingly, pump prices of petrol and diesel fell by 16 paisa and 14 paisa per litre respectively. Before the long drawn reduction pause, petrol and diesel fell by 22 paisa and 23 paisa per litre respectively last on March 30.
Petrol prices in the Odisha capital came down to Rs 91.11, a reduction of 16 paise on the cost for which it was available Wednesday.
Similarly the price of diesel fell to Rs 87.96, a reduction of 16 paise also. 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. Premium petrol, however, continues to remain over Rs 100 a litre in Mumbai and several other cities across India.
The OMCs went on price cut for the first time this year on two consecutive days – March 24 and March 25 after keeping oil prices steady for 24 days. It again reduced the price March 30. Thereafter, fuel prices remained unchanged for the past 15 days.
PNN