NEW DELHI: State-run oil marketing companies cut diesel prices for the first time in nearly six months on Thursday even as petrol rates remained unchanged. While fuel prices have been steadily revised upwards over the course of the summer, since March 16, at no point did prices take a dip.
This, even as crude prices crashed in the wake of the pandemic, going from $60 per barrel at the end of January to as low as $16 in the middle of April. The governments at the Centre and states hiked excise duties and Value Added Tax (VAT) even as OMCs held prices unchanged after fuel demand crashed. But, once crude oil began rising again, currently trading at $43.40 per barrel, fuel prices have been increased to record highs to account for the higher duties.
