Petrol, diesel prices drop for third consecutive day

21 October, 2018, 10:38 | Author: Regina Silva
  • Petrol, diesel prices drop for third consecutive day

Prior to Thursday's cut in rates, diesel price had risen by Rs 2.74 per litre since October 5 to more than wipe away the excise duty cut and oil firm subsidy. The petrol price in the national capital settled at Rs 81.99 per litre, a dip by 39 paise and that in Mumbai was Rs 87.46 per litre a decrease by 38 paise.

On Friday, petrol recorded a drop of Rs 0.24 per litre in Delhi and Mumbai while, the diesel rate came down by Rs 0.10 and Rs 0.11 in both cities, respectively. In Delhi, petrol was priced at Rs 82.62 per litre (decrease by Rs 0.21) while the price of diesel was at Rs 75.58 per litre (decrease by Rs 0.11). The price for diesel in Kolkata was Rs 77.33 per litre and in Chennai, it was Rs 79.82 per litre.

As per India's pricing mechanism, the domestic fuel prices depend upon the worldwide fuel prices on a 15-day average and the value of the Indian rupee. Prices vary from region to region due to local taxes as the product is excluded from the GST regime.

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For the week, Brent fell 0.9 per cent, while United States crude lost 3.1 per cent. This comes as a relief as fuel prices have been rising over the past two months.

Price of petrol in Mumbai has been reduced by 25 paise to retail at Rs 87.21 per litre, while diesel is being sold at Rs 78.82 per litre after an 18 paise cut. While the Opposition has repeatedly blamed the Centre for the steep hike in the fuel price, the latter has maintained that global crude oil prices and other worldwide factors are responsible for the increase in prices of petroleum products. Meanwhile on Thursday, the price of petrol was down by about 21 paise. The association said that they will observe the strike from 6 am on October 22 to 5 am on October 23.

Meanwhile, all petrol and CNG (Compressed Natural Gas) pumps in the national capital will remain closed on October 22 as Delhi Petrol Dealers Association (DPDA) has chose to go on a strike. Value-Added Tax in Delhi is higher than neighbouring Uttar Pradesh and Haryana.

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