For the sixth day in a row, petrol prices were cut on Tuesday across all cities. Petrol prices have been brought down by upto 14 paise in Delhi and Kolkata, by 18 paise in Mumbai and by 15 paise in Chennai. Now, after the Tuesday’s price cut, the petrol prices in metro cities of Delhi, Kolkata, Mumbai and Chennai now stand at Rs. 75.55, Rs. 78.23, Rs. 83.12 and Rs. 78.40, respectively.
Similarly, diesel prices have been slashed by 10 paise in Delhi, Chennai and Kolkata, and by 12 paise in Mumbai.
After the latest price revision, the diesel rates stand at Rs. 67.38 in Delhi, Rs. 69.93 in Kolkata, Rs.71.52 in Mumbai and 71.12 in Chennai.
The fuel prices are being regularly cut since May 30. So far, petrol prices have been slashed by Rs. 2.88 (Delhi) since May 29 when its price touched a peak of Rs. 78.43. Similarly, diesel prices have been revised downward by Rs. 1.93 since May 29 when the prices hit a record high of Rs. 69.31.
On Monday, oil marketing companies (IOC, BPCL, HPCL) cut the petrol, diesel prices for the fifth consecutive day.
It was in June 2010 when the government deregulated (freed petrol pricing from its control). Following this, diesel was de-regulated in October 2014. The government further permitted revision of prices on a daily basis since mid-June 2017 so as to reflect changes in cost instantly. The central government 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. However, the government cut the tax just once in October last year by Rs. 2 a litre, the report further said.
In the international markets, however, crude oil prices rose further. Oil prices rose on Tuesday on uncertainty over Libyan oil exports, although plans by producer cartel OPEC to raise output continued to drag.
Brent crude futures, the international benchmark for oil prices, were at $74.95 per barrel at 6.34 am, up 22 cents, or 0.3 percent from their last close.