Fuel consumers have finally been given some relief from high prices of petroleum products with oil marketing companies on Wednesday reducing the pump price of petrol and diesel after keeping it static for the past seven days. Accordingly, petrol and diesel prices were cut by 15 paise per litre to Rs 101.34 and Rs 88.77 a litre respectively in Delhi. Petrol was priced at Rs 101.49 a litre and diesel Rs 88.92 a litre in Delhi on Tuesday. This price level was maintained for the last seven days as OMCs decided to wait and watch the developments in the global oil market before revising retail prices.

The latest cut had come in the wake of softening of oil prices on anticipation of rising production by main oil producers this month. Also, demand projections have been fluctuating in the wake of continued Covid infections across the globe. Across the country as well fuel prices were cut between 15-20 paise per litre but their retail rates varied depending on the level of local taxes in each state. After falling, global crude oil prices had firmed up over the past week to cross $73 a barrel mark. The expectation is that with more crude coming into the market next month oil prices may soften a bit that could help in keeping product prices also under check.