New Delhi: Fuel prices have been slashed for fourteenth straight day on Tuesday. According to data available on Indian Oil’s website, petrol and diesel prices have fallen by 15 paise per litre in metro cities – Delhi, Kolkata, Mumbai & Chennai.
Diesel prices saw a marginal cut of 10 paise in Delhi and Kolkata. In Mumbai & Chennai, diesel prices were cut by 11 paise per litre and 11 paise per litre.
The revised petrol price for Delhi is Rs 76.43. Petrol prices for other metro cities like Kolkata, Mumbai, Chennai are Rs 79.10, 84.26 and 79.33 respectively. Meanwhile, the revised Diesel price was Rs 70.40 in Kolkata, Rs 72. 24 in Mumbai and Rs 71.62 in Chennai.
Oil marketing companies have been revising the price of petrol and diesel downwards on a daily basis based on the international crude rates. The price varies from state to state based on the prevailing VAT. Owing to a surge in petrol and diesel price, the government had come under pressure to relax the excise duty levied on the commodities to ease the pressure on consumers.
On Monday, petrol price in Mumbai was Rs 84.41 per litre against Rs 84.61 on Sunday. Similarly, in Kolkata and Chennai, the fuel was sold at Rs 79.25 and Rs 79.48 respectively.
In Kolkata and Chennai too, the decline has been Rs 1.81 and Rs 1.65 per litre in the last 13 days, around 50 per cent of the previous rate of increase.
Both in Delhi and Kolkata, diesel prices in the last 13 days have declined by Rs 1.36, and in Mumbai and Kolkata, the fall was of Rs 1.44 and Rs 1.45 per litre respectively.
On Monday, prices of the fuel in Delhi, Kolkata, Mumbai and Chennai were at Rs 67.95, Rs 70.50, Rs 72.35 and Rs 71.73 per litre, respectively.
Domestic petrol prices, which had hit record levels for 16 consecutive days in May, have been on the reverse trend for the last 13 days, including Monday, but the relief for consumers has been slow in coming. The pace of decline has been less than half the rate of surge.
Percentage-wise, since May 30, when prices started to take a downturn, petrol prices have slipped 2.35 per cent in Delhi, compared to the 5.5 per cent in the previous 16 days.