Petrol, diesel prices see biggest dip in 10 days

11 June, 2018, 05:39 | Author: Regina Silva
  • Fuel prices have fallen for 13 days in a row

Diesel price, on the other hand, was reduced by 15 to 16 paise per litre to Rs 68.58 in Delhi, Rs 71.13 in Kolkata, Rs 73.02 in Mumbai and Rs 72.4 in Chennai.

Besides Delhi, revised petrol prices in other metro cities are - Rs 80.07 a litre in Kolkata, Rs 85.24 per litre in Mumbai and Rs 80.37 in Chennai.

The fuel rates had hit all-time highs after 16 consecutive days of hike in the month of May.

Petrol and diesel prices have dipped again, for the tenth day in a row. According to data available on Indian Oil Corporation website, petrol prices were cut by 21 paise per litre in Delhi, Mumbai and Kolkata while in Chennai, it became cheaper by 22 paise. The reductions come on the back of softening of worldwide oil rates and the rupee gaining against the U.S. dollar.

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Currently, both state and central governments impose different taxes on fuel. Blaming geopolitics of oil, exchange rate fluctuations and local taxes for petrol and diesel prices touching a record high, he said the government is sensitive and will ensure that "poor, middle class are not pained".

Lower global crude oil cost, along with a strengthened rupee, has pulled down the prices of transportation fuels since May 30.

In this regard, the petroleum division suggested petrol margins of dealers and OMC's be increased by Rs.0.12 and Rs0.12 per litre respectively taking CPI readings from May 2017 to April 2018. "It will make India's exports competitive, bring down current account deficit and we may also no longer see the rupee depreciating", PTI quoted Assocham Secretary General D S Rawat as saying.

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