No respite for petrol consumers, but diesel prices finally cut

Oil marketing companies finally passed on the benefit of softening global oil and product prices to consumers reducing the retail price of diesel by 20 paise per litre in New Delhi on Wednesday.

The companies, however, kept petrol prices unchanged for the 32nd consecutive day as they wanted to wait and watch the global oil market for some more time before any revision.

With the cut, diesel is now priced at Rs 89.67 while with no change petrol continues to be sold for Rs 101.84 per litre in Delhi.

Across the country as well, diesel prices fell between 20-25 paise per litre while petrol remained at the same level prevailing for the last one month.

Global crude prices have now softened to below $ 70 a barrel after it swung in all directions in July starting with a low of $70 a barrel to quickly rise to over $ 77 a barrel, only to fall soon below $ 70 a barrel and crossing $ 75 a barrel later in the month.

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