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  4. Respite for consumers as fuel rates cut for fifth straight day; Petrol in Delhi at Rs 81.44/litre, Rs 86.91/litre in Mumbai

Respite for consumers as fuel rates cut for fifth straight day; Petrol in Delhi at Rs 81.44/litre, Rs 86.91/litre in Mumbai

The revised rates of petrol and diesel as per Monday in Delhi stood at Rs 81.44/litre and Rs 74.92/litre respectively. 

India TV News Desk India TV News Desk
New Delhi Published on: October 22, 2018 7:20 IST
The revised rates of petrol and diesel as per Monday in

The revised rates of petrol and diesel as per Monday in Delhi stood at Rs 81.44/litre and Rs 74.92/litre respectively. 

In a major respite for consumers who have been battered by the relentless rate hikes, the prices of petrol and diesel were cut for the fifth straight day on Monday.

Petrol and diesel prices in Delhi were slashed by 30 paise/litre and 27 paise/litre respectively. The revised rates of petrol and diesel as per Monday in Delhi stood at Rs 81.44/litre and Rs 74.92/litre respectively. On the other hand, petrol and diesel rates imn Mumbai on sunday stood at Rs 86.91/litre (decrease by 30 paise/litre) and Rs 78.54/litre (decrease by 28 paise/litre) respectively.

Fuel prices have been declining since Thursday as oil companies factored in softening of international rates. In four days, petrol price has been cut by Rs 1.09 per litre and diesel by 50 paise. 

The rates were reduced by a minimum Rs 2.50 per litre across the country on October 5, when the government cut excise duty on petrol and diesel by Rs 1.50 a litre and asked oil PSUs to subsidise the fuels by another Re 1 a litre. The reduction in BJP-ruled states was more as they matched this cut by an equivalent reduction in local sales tax or VAT.

The price cut follows international oil prices trading near the lowest level in a month on a bigger-than-expected gain in American stockpiles. 

On Friday, West Texas Intermediate for November delivery settled at USD 69.12 a barrel on the New York Mercantile Exchange, while Brent for December settlement was at USD 79.78 a barrel on the London-based ICE Futures Europe exchange. Brent had earlier this month hit a four-year high of USD 86.74 a barrel.

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. Petrol price had during this period risen by Rs 1.33 a litre.

Before the October 5 price cut, petrol in Delhi had hit an all-time high of Rs 84 per litre and diesel was at record Rs 75.45. This came down to Rs 81.50 per litre for petrol and Rs 72.95 in case of diesel.

In Mumbai, petrol had hit a peak of Rs 91.34 hit on October 4 and diesel was sold at a record high of Rs 80.10

Meanwhile, more than 400 petrol pumps in Delhi  will remain shut on Monday to protest against the  government's refusal to reduce VAT on fuels.

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