Petrol, Diesel Prices Slashed After Long Period, Some Relief to Consumers

Cornelia Mascio
Ottobre 19, 2018

The price of diesel reduced from Rs 77.43 per litre to Rs 77.33 per litre. Price of diesel too dropped by 11 paise and is being sold at Rs 79.24 per litre. The diesel price was Rs 75.58 per litre in Delhi and for Mumbai, the price was Rs 79.24 per litre.

Petrol and diesel prices Thursday were reduced for the first time in over two months because of a drop in the cost of production, according to state-owned oil firms. Petrol cost Rs 85.63 per litre in Chennai on Friday, a decline of 25 paise.

The prices of fuels on October 16 and October 17 remained constant. The petrol price in the national capital settled at Rs 82.38 per litre, a decrease of 24 paise and that in Mumbai was Rs 87.84 per litre also a cut by 24 paise.

Fuel prices were cut despite a surge in global crude oil prices and a fall in rupee rate against dollar. "The Centre had cut diesel rates by Rs 2.50 and other states have cut additional Rs 2.50 per litre on diesel". Price of petrol has already crossed the Rs 90 mark in Parbhani in Maharashtra, as first reported by TOI in Monday's edition. On Tuesday, petrol price in Delhi was Rs 82.41 per litre.

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.

The BJP-government at the centre had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by Rs 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October a year ago by Rs 2 a litre. Maharashtra and Gujarat governments were among the first to announce a matching Rs 2.50 cut. The association said that they will observe the strike from 6 am on October 22 to 5 am on October 23.

Even before the excise duty cut, Rajasthan, West Bengal, Karnataka, Kerala and Andhra Pradesh had last month reduced Value-Added Tax to cushion consumers for a spate of price increases.

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