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4th reduction in 3 weeks: Petrol price cut by 16 paise, diesel’s by 14 paise

NEW DELHI: State-run fuel retailers on Thursday cut pump prices marginally after a gap of 15 days to pass on some benefit of the decline in international crude prices in recent weeks.
Petrol price was reduced by 16 paise per litre and diesel by 14 paise. This is the fourth marginal reduction in three weeks, before which the retailers continuously raised prices for six months. As a result, prices had hit record highs and petrol crossed Rs 100 a litre in several cities. Pump prices were reduced for the first time in six months on March 24. This was done after crude prices tumbled from their highs of $70/ barrel as a resurgence in Covid-19 infections in major economies dashed hopes of an early return of oil demand.
In the three reductions, petrol price has come down by 61 paise per litre and diesel by 60 paise. After Thursday’s price cut, the total reduction comes to 67 paise in case of petrol and 74 paise on diesel.
Despite long spells of a freeze on revisions, pump prices had gone up by a record Rs 21.58 per litre on petrol since the government raised excise duty in March last year. Diesel prices increased by Rs 19.18 a litre.

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