Diesel drops 16 paise/litre for the first time in 3 months, petrol costlier by 28 paise
State-run oil retailers slashed diesel price by 16 paise per litre on Monday, the first auto fuel rate reduction since April 15 even as petrol became costlier by 28 paise, the 39th hike since May 4, a day after the results of five assembly polls were declared.
The first diesel price reduction in about three months came after international benchmark Brent crude fell by $1.61 a barrel or 2.06% at the Friday close, compared to its peak of $77.16 last Monday. Domestic fuel retailers align pump prices of petrol and diesel with their respective international benchmarks of previous day, which often move in tandem with crude oil rates. International oil markets do not operate on weekends.
