Gradual Reduction In Fuel Price, Petrol Price Cut By 9 Paise On Thursday

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New Delhi: After Oil Minister Dharmendra Pradhan vowed to not allow petrol and diesel prices go out of reach of the common man, Petrol price fell on Thursday for the ninth day in a row as Indian Oil, India’s largest retailer reduced petrol prices by 9 paise, while diesel prices were cut by 8 paise. Petrol price has been cut to 22 Paise which is 1 rupee 22 paise.

Petrol price in Delhi today: Petrol price in Delhi now stands at Rs 78.35 a litre, down from Rs 78.42, while diesel rates have been cut to Rs 69.25 per litre from Rs 69.30.

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Petrol price in Kolkata today: While in Kolkata, petrol price is at Rs 80.98 per litre against the previous day prices of Rs 81.05 per litre. Diesel price here stood at Rs 71.80 against Rs 71.85 yesterday.

Petrol price in Mumbai today: Petrol price in Mumbai was at Rs 86.16 per litre, down from Rs 86.23 per litre yesterday. Diesel price came in at Rs 73.73 against Rs 73.78 yesterday.

Petrol price in Chennai today: Petrol price in Chennai stood at Rs 81.35 versus previous day price of Rs 81.42 per litre. Diesel price here was fixed at Rs 73.12, down 5 paise from Rs 73.17 yesterday.

Prices vary from state-to-state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.

In the 16 consecutive increases since May 14, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38, but in the last 9 days the prices cut is less than Rs 1 .

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

The recent surge in the prices of key transportation fuels was attributed to a rise in crude oil cost, which rose till last week, and the high excise duties levied on the fuel in the country.

State-run oil marketing firms have been lowering petrol prices since last one week although the rates continue to rule at unprecedented levels following the resumption of daily price changes after a 20-day suspension of the system last month owing to the Karnataka elections.

The organisation of the petroleum exporting countries are slated to meet formally later this month to decide whether the group and non-OPEC members will raise production to ease concerns over potential supply shortfalls from Iran and Venezuela. Venezuela’s crude oil production fell nearly 13 per cent last year due to intense internal conflict.

Government has been saying that it is concerned about rising fuel prices and is working on a long-term solution.

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