In Mumbai, diesel price has been reduced by Rs 2.50 to Rs 61.04.
The government had on October 18 freed diesel prices from its control, giving freedom to oil marketing companies to adjust rates in line with cost. On that day, rates were cut by Rs 3.37 per litre, the first reduction in price of diesel in over five years. The previous decline dates back to January 2009.
Simultaneously, the price of non-subsidised cooking gas (LPG) was cut by Rs 18.5 to Rs 865 per 14.2-kg cylinder.
Since August, this is the fourth reduction in rate of non-subsidised LPG which consumers buy after exhausting their quota of sub-market priced domestic cooking gas.
Non-subsidised LPG in Delhi was priced at Rs 922.50 in July and rates have in every subsequent month been reduced.
The only exception being October 23 when prices went up by marginal Rs 3 per cylinder following government raising the commission paid to LPG dealers/distributors.
“The price of petrol was last revised downwards with effect from October 15 by Rs 1.21 per litre (including state levies at Delhi) on the back of declining international oil prices,” IOC statement said.
IOC said the government decided to make diesel prices market-determined for all consumers on October 18.
Latest Business News
