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    Diesel rates start dropping after staying at record levels since June, petrol stays the same

    Synopsis

    At Rs 82.08 a litre in Delhi and Rs 88.73 in Mumbai, petrol prices were unaltered on Monday. Petrol prices are up Rs 1.65 a litre since mid-August. Diesel rates, however, have dropped by 40 paise a litre in five days. ​

    NEW DELHI: Domestic diesel prices have started falling after staying at record levels for months. Rates have dropped by 40 paise a litre in five days.

    Diesel sold for Rs 73.16 a litre on Monday in Delhi, 11 paise a litre lower than on Sunday. In Mumbai, it was priced at Rs 79.69 per litre.

    At Rs 82.08 a litre in Delhi and Rs 88.73 in Mumbai, petrol prices were unaltered on Monday. Petrol prices are up Rs 1.65 a litre since mid-August.

    Domestic fuel prices are supposed to move in line with international rates but the expected alignment has almost broken down this year. Since the beginning of this year, domestic rates of petrol and diesel are up by 9% and 7.6%, respectively. In the same period, the international rates of petrol and diesel are down by 31% and 46%, respectively. Such stark differences between international and domestic fuel prices are primarily due to steep tax hikes.

    State oil companies froze rates for months earlier this year after the onset of the pandemic and a turbulence in the oil market. After they resumed revising prices daily early June, rates of diesel touched record highs. Prices remained unaltered in August and have recently started declining.

    Petrol prices have been moving up gradually since mid-August after staying unchanged for about one-and-a-half months.
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