 "Suez Canal")
State-run oil marketing companies (OMCs) cut fuel prices on Wednesday, the first reduction in over a year which comes weeks before five states go to the polls. Prices were last reduced on March 16, 2020.
OMCs cut the price of petrol by 18 paisa and diesel by 17 paisa on the back of lower Brent crude oil prices that have tumbled from $70 a barrel on March 11 to $60 a barrel on March 23.
The fall in crude oil prices is being attributed to the return of lockdowns in Europe that may result in a delayed demand recovery.
The retail prices of
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