New Delhi: It is the eighth time that fuel prices have come down in last eight days. The eighth day also saw a marginal decline in fuel prices as petrol prices went down by 11 paise and diesel prices by 8 paise per litre in Delhi. With these marginal reductions, the petrol prices in Delhi will be Rs. 77.72 per litre and the diesel prices will be Rs. 68.80 per litre.
In Mumbai, the prices for petrol and diesel for today will be Rs. 85.54 per litre and Rs. 73.25 per litre.
With the decline in fuel prices on eighth consecutive day, the petrol has come down by almost 71 paise per litre while diesel has come down by nearly 53 paise.
The petrol in Kolkata will cost Rs 80.37 per litre and Rs. 80.68 per litre in Chennai.
Though the price of petrol and diesel are cheapest in Delhi as compared to all metros and most state capitals but the prices may vary from state to state depending on the local sales tax or VAT.
Notably, the petrol and diesel prices increased up to Rs. 3.8 per litre and Rs. 3.38 per litre respectively earlier due to increase in the prices for 16 consecutive days and it was stable during the Karnataka elections.
While the hike in petrol prices were due to the rise in crude oil cost and heavy excise duties levied by the Government, the reduction in the fuel prices has been possible due to lowering down of global crude oil cost along with strengthening of rupee since May 30th.
There has been demand from the industry to reduce the excise duties too on the fuel so as to further bring down the cost of the petrol and diesel prices.