After crossing $77 a barrel, global crude prices have softened a bit with differences surfacing in oil cartel OPEC over continuation of production cuts.
Accordingly, the retail price of petrol increased by 35 paise per litre in the national capital on Friday to Rs 99.16 while diesel prices maintained previous days price line of Rs 89.18 a litre.
His remarks came a day after petrol prices were hiked by 31 to 35 paise while diesel by 26 to 30 paise on June 29, taking the fuel prices across the country to a historic high.
On Tuesday, the oil marketing companies (OMCs) raised the price of petrol and diesel between 25-30 paise per litre across the four metros.
Petrol is selling for Rs 97.22 per litre in Delhi on Sunday, up from Rs 96.93 on Saturday.
In Mumbai, where petrol price crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 103.08 per litre on Friday. Diesel price also increased in the city by 30 paisa per litre to reach Rs 95.14 a litre, the highest among metros.
The city already had the distinction of having the highest pump price of petrol across the country at Rs 107.23 a litre. With diesel prices now increasing there by another 25 paisa per litre on Saturday it reached Rs 100.06 a litre.
In the city of Mumbai, where petrol prices crossed Rs 100 mark for the first time ever on May 29, the fuel price reached new high of Rs 102.04 per litre on Friday.
The price of premium petrol hit the century mark at the pumps in Thiruvananthapuram, Kollam, Idukki, Palakkad, Wayanad and Kasaragod districts.
Price of petrol in Mumbai crossed the Rs 101-a-litre mark at Rs 101.25 per litre. Chennai and Kolkata, the fuel was sold for Rs 96.47, Rs 95.02, respectively, higher than the levels on Saturday.
Diesel prices in the city is also the highest among metro cities at Rs 92.17 per litre, increasing by 30 paise from previous level on Saturday.
Petrol in Bhopal today costs Rs 101.77 per litre after an increase of 24 paise while diesel costs Rs 93.07 litre today.
This took the price of petrol in Delhi to Rs 91.27 per litre and that of diesel to Rs 81.73. In Sri Ganganagar district of Rajasthan, petrol touched Rs 102.15 a litre, prices from oil companies showed.
With Thursday's increase, petrol is now being retailed at Rs 90.99 a litre and diesel Rs 81.42 a litre in the national capital.
The pumps price of petrol and diesel remained at Thursday's level of Rs 90.40 a litre and Rs 80.73 a litre respectively in Delhi.
Petrol is now being retailed at Rs 90.40 a litre in Delhi, down from previous day's level of Rs 90.56 a litre
Across the country as well the petrol and diesel prices fell with the quantum varying depending on the level of local levies in respective states.
Petrol price was cut to Rs 90.99 a litre in Delhi from Rs 91.17 per litre, according to a price notification of state-owned fuel retailers. Diesel now comes for Rs 81.30 a litre in the national capital, down from Rs 81.47 previously.
"It will be a good move, but the decision rests with the GST Council," Subramanian said during a recent interaction with FICCI FLO members.
In the last 12 days, the petrol price has gone up by Rs 3.64 per litre while diesel rate has risen by Rs 4.18 a litre in the national capital region.
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