Petrol and diesel prices were on Thursday cut for the second straight day as international oil prices cooled on prospects of speedy recovery in consumption getting clouded by a second wave of Covid-19 cases.

Petrol price was cut by 21 paise per litre and diesel by 20 paise, according to a price notification by state-owned fuel retailers.

Also read: Fuel prices fall marginally for the first time in six months

Petrol now costs ₹90.78 per litre in Delhi and a litre of diesel comes for ₹81.10.

Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).

Prices were reduced by 18 paise a litre on petrol and 17 on diesel in the first reduction in six months on Wednesday.

Despite bouts of rate freeze, prices had gone up by a record ₹21.58 per litre on petrol since the government raised excise duty in March last year. Diesel prices had increased by ₹19.18 a litre.

Prices which last month hit record highs including crossing the ₹100 mark in some places in Rajasthan, Maharasthra and Madhya Pradesh, had been on freeze since February-end when elections to five states including West Bengal, Assam, Tamil Nadu and Kerala were announced.

In Mumbai, the price of petrol was cut to ₹97.19 a litre on Thursday from ₹97.40, while diesel rates were reduced to ₹88.20 from ₹88.42, the price notification showed.

The rate reduction followed international oil prices tumbling to the lowest since early February as the second wave of Covid-19 infection clouded the prospects of a speedy recovery in consumption.

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