NEW DELHI: Fuel prices will come down bit by bit, starting with a small reduction of 18 paise and 17 paise in the price of petrol and diesel, respectively, on Wednesday as a result of India\u2019s crude cost declining in step with falling global oil prices.
\nThis is the first reduction in pump prices in over a year and lifts the freeze on regular revisions since February 28.
\nConsumers can look forward to a spell of price cuts but a shipwreck in the Suez Canal on Wednesday, blocking the flow of oil from the Persian Gulf, could play spoilsport by pushing up oil prices again.
\nGlobal benchmark Brent crude jumped 4% on Wednesday to $63.2 per barrel on the news of the shipwreck. It had dipped to $61.9 as a resurgence of Covid-19 cases in many countries \u2014 including India, the world\u2019s third-biggest oil consumer \u2014 and lockdown in Europe dashed hopes of early demand recovery.<\/p>\n","protected":false},"excerpt":{"rendered":"
NEW DELHI: Fuel prices will come down bit by bit, starting with a small reduction of 18 paise and 17 paise in the price of petrol and diesel, respectively, on Wednesday as a result of India\u2019s crude cost declining in step with falling global oil prices. This is the first reduction in pump prices in over a year and lifts the freeze on regular revisions since February 28. Consumers can look forward to a spell of price cuts but a shipwreck in the Suez Canal on Wednesday, blocking the flow of oil from the Persian Gulf, could play spoilsport by […]<\/p>\n","protected":false},"author":44,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[130,219,137],"tags":[],"class_list":["post-407294","post","type-post","status-publish","format-standard","hentry","category-newspapers","category-oil-gas-the-times-of-india","category-the-times-of-india"],"acf":[],"_links":{"self":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/407294","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/users\/44"}],"replies":[{"embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/comments?post=407294"}],"version-history":[{"count":0,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/posts\/407294\/revisions"}],"wp:attachment":[{"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/media?parent=407294"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/categories?post=407294"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/infralive.com\/web\/wp-json\/wp\/v2\/tags?post=407294"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}