Petrol, diesel price: No rate cut today as demand falls over 50%
NEW DELHI : For the 23rd consecutive day today, state-run fuel retailers left the basic selling price of petrol and diesel unchanged in India. Barring Mumbai, Bengaluru and Kolkata, where the state governments have hiked VAT, fuel rates have been unchanged since March 16.
With demand for fuel dropping drastically during the 21-day nationwide lockdown that might be extended beyond April 14, oil refiners are now planning to export refined fuels to keep their refineries running and cut down on inventory losses.
According to market reports, while the demand for diesel has fallen by 40%, the demand for petrol has more than halved due to the lockdown.
