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Petrol, diesel prices register another cut

Petrol, diesel prices register another cut
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NEW DELHI: The downward slide in petrol and diesel price continued Tuesday. Petrol price was cut by 20 paise a litre and now costs Rs 79.55 per litre in Delhi. Diesel rates were reduced by Rs 0.07 to Rs 73.85 a litre.

Petrol and diesel prices in Mumbai were Rs 85.04 per litre after a decrease of 20 paisa, Rs 77.32 per litre after a dip of Rs 0.08 respectively.

In Chennai, the petrol price stood at Rs 82.65 per litre while diesel was being sold for Rs 78 per litre. In Kolkata, petrol and diesel prices stood at  Rs 81.43 per litre and Rs 75.63 per litre respectively.

The price notification was issued by state-owned oil firms.

The rates are off their record high of Rs 84 per litre for petrol and Rs 75.45 a litre for diesel touched on October 4. On that day, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise by another Re 1 a litre by reducing their margins.

Subsequent to this, the petrol price came down to Rs 81.50 per litre and diesel at Rs 72.95 a litre on October 5.

However, as the international oil prices continued to rise, the price of petrol and diesel in Delhi increased to Rs 82.83 per litre and Rs 75.69 per litre by October 16. But beginning October 18, international oil prices have been falling and the rupee has also appreciated.

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