The petrol prices were slashed by 15 to 20 paise per litre and diesel rates also decreased by 18 to 20 paise on Sunday across the country. The petrol price was slashed after it remained static for more than a month.
After the price revision, the petrol price in the state capital is retailing at Rs 101.12 per litre while that of diesel is Rs 91.96 per litre.
In Dimapur, petrol now costs Rs. 100.12 per litre and diesel Rs 91.15 per litre. However, in districts like Tuensang, Kiphire, Zunheboto and Longleng, there was marginal hike fuel prices.
It is to be noted that petrol prices last saw a jump on July 17, 2021, when they rose by 30 paise in the national capital.
Global crude oil priced had fallen in last couple of weeks to reach a level close to $65 a barrel from a high of $77 a barrel.
As per oil industry experts, every $1 change in crude normally affects retail price of petrol and diesel roughly by 45-50 paise a litre with no major change in rupee-dollar exchange rate. If this calculation is applied, retail price of petrol and diesel should have started falling in India with OMCs requiring to bring down rates by over Rs 1.5-2 per litre in few days or at one go.
Previous fortnight provided opportunity to OMCs to cut retail fuel rates, but they chose to wait and watch as crude was still swinging on daily basis, said an oil sector expert.