Overall reduction of one rupee in petrol prices in 10 days

Overall reduction of one rupee in petrol prices in 10 days

New Delhi: After 16 consecutive hikes in the fuel prices, the prices have started to fall down. After the reduction in the fuel prices on tenth consecutive day, petrol now in Delhi will cost Rs. 77.42 per litre and diesel will cost Rs. 68.58 per litre.

On tenth day, the reduction on petrol was 21 paise per litre while on diesel it was 15 paise per litre. With this reduction, petrol has come down by one rupee in 10 days while diesel is reaching that mark.

With this reduction, the petrol prices in Mumbai were recorded to be Rs. 85.24 per litre, Rs. 80.07 per litre in Kolkata and Rs. 80.37 in Chennai.

While the diesel prices in Mumbai, Kolkata and Chennai were recorded to be Rs. 73.02 per litre, Rs. 71.13 per litre and Rs. 72.40 per litre respectively.

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, it took ten reductions as petrol came down by one rupee whereas in 16 hikes it raised up by Rs. 3.8 per litre. Though, the prices were kept stable during the Karnataka elections.

Oil Minister Dharmendra Pradhan has earlier said that government is working on a holistic solution to price volatility without going back on reforms so that the fuel prices don’t go out of the reach of common man.

Despite industry’s demand to cut down the heavy excise duties, there has been no concern shown by the government on that. It should be noted that the hike in the fuel prices was against the backdrop of rise in crude oil cost and the weaker currency. But recently crude oil prices have come down while the currency has shown some strength.

It should be noted that 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.