Petrol, Diesel Prices Finally Down after 16 Days of Rise

Petrol, Diesel Prices Finally Down after 16 Days of Rise

New Delhi: Finally you can take a sigh of relief as the petrol and diesel prices have come down after consecutive price hikes in last 16 days. Today, Indian Oil Corp finally slashed down the rates marginally across India.

In Delhi, rates have been cut down by 60 paise on petrol prices while diesel prices have been cut down by 56 paise. With this the petrol prices in Delhi come to Rs. 77.83 per litre and the diesel prices are Rs. 68.75 per litre.

In Mumbai the petrol and diesel prices were slashed down by 59 paise which brought the fuel price to Rs. 85.65 per litre and diesel price came down to Rs. 73.20 per litre.

There may be difference in the fuel prices from state to state due to local taxes.

The petrol and diesel prices in Kolkata were cut down by 59 paise and 56 paise respectively due to which the prices came down to Rs. 80.47 per litre and Rs. 71.30 per litre respectively.

Chennai saw the rate cut on petrol by 63 paise and on diesel by 60 paise, so the lowered rates in Chennai of petrol come down to Rs. 80.80 per litre and of diesel Rs. 72.58 per litre.

Notably, the fuel prices touched the all-time high on Friday as companies had raised the prices by Rs. 3.80 and Rs 3.38 per litre of petrol and diesel respectively in last 16 days. Interestingly, the prices didn’t changed for around 20 days during the Karnataka elections.

As petrol and diesel prices skyrocketed to the peak in the country, there were demands from the industry and industry bodies for duty cuts so as to give some respite but the Government didn’t paid ears to it. Rather, the Central Government kept saying that they are looking forward for a ‘long-term’ solution to the price problem.

Petroleum Minister, Dharmendra Pradhan gave an in-principle nod to the Indian Commodity Exchange (ICEX) to launch futures on petrol and diesel in order to find a long-term solution.

The crude oil prices came down to about $74 per barrel in the global markets as Saudi Arab and Russia said that they were ready to ease supply curbs that have pushed crude prices to their highest since 2014.