Petrol, diesel prices cut again on softer crude

Darnell Taylor
October 21, 2018

Fuel prices have been slashed in India for the third consecutive day.

The diesel price mark was Rs 75.48 per litre, a decrease of 10 paise in Delhi and for Mumbai, the price was Rs 79.13 per litre, a decrease by 11 paise.

State-run oil marketing companies Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) revise fuel prices with effect from 0600 hrs on a daily basis. A litre of diesel was priced at Rs 75.36 in the national capital, down by 12 paise.

Fuel prices have been declining since Thursday as oil companies factored in softening of worldwide rates.

The BJP-government at the centre had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by Rs 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October past year by Rs 2 a litre. The reduction in Bharatiya Janata Party (BJP)-ruled states was more as they matched this cut by an equivalent reduction in local sales tax or VAT.

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The price cut follows global oil prices trading near the lowest level in a month on a bigger-than-expected gain in American stockpiles. In Kolkata, the petrol price settled at Rs 83.83 per litre, a dip by 38 paise and in Chennai, it was Rs 85.22 per litre, a cut of 41 paise - the max amount across all the four metros. "Petrol & diesel prices in #Mumbai are Rs 87.46 per litre (decrease by Rs 0.38) and Rs 79.00 per litre (decrease by Rs 0.13), respectively".

A day ago, on Saturday, a drop of Rs 0.39 in petrol price was witnessed in the fuel prices.

In Mumbai, petrol had hit a peak of Rs 91.34 hit on October 4 and diesel was sold at a record high of Rs 80.10.

After the Centre cut excise duty by Rs 1.50 per litre and asked PSU oil firms to subsidise fuel by Re 1, Maharashtra and Gujarat governments were among the first to announce a matching Rs 2.50 cut.

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