Petrol, diesel price see no rate cut despite crude oil market crash. Here’s why
NEW DELHI : If you have been expecting a big cut in petrol and diesel prices after US crude oil rates plunged below the $0 mark into negative territory for the first time in history and international benchmark Brent touched multi-year lows of $26 a barrel, then you could be in for some disappointment.
Barring a hike in few cities like Mumbai, Bengaluru and Kolkata due to an increase in VAT by some state governments, fuel retailers have not changed their selling price of both the fuels for more than a month now. Petrol and diesel prices were last reduced on March 16.
Brent oil prices have collapsed around 60% since the start of the year while the price of diesel has fallen only by 10% and that of petrol by 8.5% from their peak rate on January 11.
