Marginal Decline in Fuel Prices for Sixth Consecutive Day

Marginal Decline in Fuel Prices for Sixth Consecutive Day

New Delhi: After increase in the fuel prices for 16 days, now there has been sixth marginal cut in the fuel prices. Today, the fuel prices were reduced by 15 paise per litre for petrol and 14 paise per litre for diesel.

The total reduction in six days has been around 47 paise per litre in petrol prices. With this reduction the petrol prices in Delhi are now Rs. 77.96 per litre. Whereas the diesel prices have come down for the fifth time in the six days by around 34 paise per litre and it now costs Rs. 68.97 per litre.

The petrol in Mumbai will cost Rs. 85.77 per litre, Rs 80.60 per litre in Kolkata and Rs. 80.94 per litre in Chennai. In Mumbai also the petrol prices have come down nearly by 47 paise per litre in last six days.

With 34 paise reduction in diesel prices the diesel will cost Rs. 73.43 per litre in Mumbai, Rs. 71.52 per litre in Kolkata and Rs. 72.82 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.