Petrol, diesel prices continue downward trend
Business | October 11, 2019 11:11 ISTOn Friday, petrol prices in Delhi and Mumbai fell down by 12 paisa a litre; 11 paisa/litre in Kolkata and 13 paisa/litre in Chennai.
On Friday, petrol prices in Delhi and Mumbai fell down by 12 paisa a litre; 11 paisa/litre in Kolkata and 13 paisa/litre in Chennai.
Petrol prices were cut by 13 paisa per litre, while diesel prices were down by 12 paisa per litre in Delhi, Kolkata, Mumbai and Chennai.
The fuel price has seen a decline for the past two days and in Delhi petrol rates have come down by 28 paisa/litre and diesel by 14 paisa/litre.
Petrol and diesel prices started rising soon after the last phase of the general election concluded, and have increased by 70-80 paisa per litre in the past nine days.
Petrol price in Delhi was cut to Rs 69.04 per litre from Rs 69.26 while diesel rates came down to Rs 63.09 from Rs 63.32 a litre, according to the price notification of state-owned oil firms.
In the national capital, petrol was sold at Rs 70.07, down from Rs 70.27 per litre on Saturday, according to data on the Indian Oil Corp's website.
Experts say the US is increasing pressure on Saudi Arabia and OPEC to not cut production, as the Saudis had indicated they would, at their meeting on December 6.
According to the government data released Wednesday, food articles witnessed softening of prices with deflation at 1.49 per cent in October, against 0.21 per cent September.
Likewise, in Mumbai, for petrol and diesel, you have to pay Rs 84.68 per litre (decrease by Rs 0.18) and Rs 77.18 per litre (decrease by Rs 0.14), respectively.
A litre of diesel cost 12 paise more than that of petrol in Bhubaneswar on Sunday with diesel being sold at Rs 80.69 per litre while petrol cost 80.57 per litre.
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The Centre on October 4 announced a Rs 2.50 per litre cut in petrol and diesel prices after it reduced excise duty by Rs 1.50 a litre.
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Arun Jaitley announces Rs2.5/litre relief on petrol, diesel prices
Finance Minister Arun Jaitley has announced that the Modi Government has decided to provide the relief against the backdrop of surging crude oil prices, which was at a four-year high of $86 a barrel. Announcing the decision to cut excise duty by Rs 1.5 per litre, while asking oil companies to absorb the loss of Rs 1 per litre, Jaitley also requested state governments to provide relief to consumers.
Oil marketing companies to absorb Re 1 per litre on petrol and diesel, taking relief to Rs 2.50 per litre, says Finance Minister Arun Jaitley.
Political parties, including Congress, have been demanding that the petrol and diesel be brought under the GST so that duties on them can come down that will reflect in lower prices at the pump.
In Delhi, petrol was being sold at Rs 81.00 per litre and diesel at Rs 73.08 per litre. While petrol prices were hiked by 13 paise, diesel saw a change of 11 paise.
Fuel prices began an almost unbroken northward march since August 1. They fell only once on August 13 in the last 41 days. Prices surged on 29 days and remained unchanged on 11 days, and have been breaching record levels for more than a week now.
Despite the fuel prices touching a new high every other day, the government seems to be non-committal on cutting excise duty to bring the spiralling petrol, diesel prices under control.
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