Fuel Price Marginally Dropped In India On Tuesday

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New Delhi: Petrol, diesel prices in the national capital were cut by 13 paise and 9 paise respectively on Tuesday, the seventh consecutive day of cut in fuel prices. This follows the 16-day hike which jacked up fuel prices to their highest levels in India.

Petrol prices across Delhi, Kolkata, Mumbai and Chennai were cut by 12-14 paise per litre on Tuesday compared with the previous day’s prices, according to Indian Oil Corporation data. Diesel prices were slashed by 9-10 paise per litre across the four metros.

Oil Minister Dharmendra Pradhan had yesterday ruled out a review of daily price revision formula and reiterated that the government is working on a long-term solution.

He said state governments should cut sales tax which increase revenues of the state governments when prices rise. Excise duty, charged by the Centre, on the other hand is fixed and does not change with change in retail price.

Petrol price in New Delhi on Tuesday stood at Rs 77.83 per litre. Petrol price was also reduced to Rs 80.47 per litre in Kolkata, Rs 85.65 per litre in Mumbai and Rs 80.80 litre in Chennai.

Price of non-branded diesel was also reduced to Rs 68.88 per litre in New Delhi, Rs 71.43 per litre in Kolkata, Rs 73.33 in Mumbai and Rs 72.72 per litre in Chennai.

After hitting all-time high of Rs 78.43 a litre for petrol and Rs 69.31 for diesel on May 29, rates have marginally fallen during the subsequent days on softening in international oil prices and rupee strengthening against the US dollar.

IOC had between 14 May and 29 May increased petrol prices by Rs 3.80 per litre and diesel prices by Rs 3.38 per litre in the national capital, post the 19-day fuel price freeze before Karnataka elections. Similar price hikes were implemented in other cities across the nation fuelling nation-wide protests and a call for excise duty cut.

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