Petrol price has been cut by 18 paise, diesel by 17 paise.

In the first rate cut in a year, petrol price was cut by 18 paise per liter on Wednesday and diesel by 17 paise per liter as international oil prices were the lowest in early February.

According to the price notification of state-owned fuel retailers, the price of petrol in Delhi ranged from a 90.99 per liter to 91.17 per liter.

Diesel now comes for 30 81.30 liters in the national capital, down from the earlier 81.47.

Rates have been reduced across the country based on local incidence of taxation (VAT) and vary from state to state.

This is the first reduction in fuel prices in a year. Prices were last reduced on March 16, 2020.

Despite the rate being stagnant, the prices on petrol had registered an increase of .5 21.58 per liter in the last one year. Diesel prices were increased by .1 19.18 per liter.

Last month, Rajasthan, Maharashtra and Madhya Pradesh reached record heights, including crossing the 100 mark at some places, when elections for five states, including West Bengal, Assam, Tamil Nadu and Kerala, were announced from late February.

In Mumbai, the price of petrol was reduced to 97.57 from 797.57 on Wednesday, while diesel rates were reduced from 88.60 to rol 88.42, which was price information.

International oil prices have plummeted since the beginning of February to lower rates as the second wave of the COVID-19 transition gave rise to prospects of rapid improvement in consumption.

West Texas Intermediate for delivery in May was at $ 57.76 in New York on Tuesday, the lowest close since February 5 while Brent lost $ 3.83 to $ 60.79 a barrel for the same month, the lowest since February 8 Was.

An increase in coronavirus cases is expected to cause a slowdown in the economy.