Petrol, diesel and LPG rates to fall soon after record surge

Mangalore Today News Network

New Delhi, Mar 31, 2021:       Petrol, diesel and domestic cooking gas (LPG) rates are likely to fall in the near term after a record increase in rates. A top official told news agency PTI on Wednesday that the prices of these essential commodities will fall further as international oil rates have softened.

 

While petrol and diesel rates have already been cut thrice in one week, prices are likely to fall further in the near term. The price of domestic cooking gas could also be slashed as early as April 1.

"International oil prices, which are the benchmark for deciding retail rates, have softened over the past few days. Though there had been some firming up of prices on Tuesday, overall the trend has been of a decline, which should reflect in domestic retail rates as well,” said the official who did not want to be named.
It may be noted that petrol and diesel prices had touched an all-time high last month while LPG prices had been increased by Rs 125 in recent weeks. However, prices of petrol and diesel did not witness any

further rise from the last week of February. Some reports indicated that the fuel rates were not increased due to assembly elections.

Since March 24, petrol and diesel rates have been cut by roughly 60-61 paise per litre as global crude oil prices softened.

"The trend indicates that there will be no increase in prices in the near term. In fact, we may see a further reduction," the official said.

At the moment, petrol costs Rs 90.56 per litre in Delhi, down from a record high of Rs 91.17. The price of diesel in the national capital has also come down to Rs 80.87 per litre.

Meanwhile, LPG price is also expected to see a downward trend in the coming weeks. It remains to be seen if the prices are reduced tomorrow as they are revised on the first day of every month.

The official also told the news agency that LPG prices will not rise any further. Since LPG prices have come down internationally, the same should reflect in domestic rates soon, he added.

Oil Secretary Tarun Kapoor has also expressed optimism on retail prices of fuel and LPG coming down with further softening of international crude oil rates.

"We are hoping that international prices would remain stable and would not go up. The benefit of any softening in rates will be passed on to the consumers promptly," he said.

Courtesy:India Today