In a small cheer for consumers, fuel prices were reduced by Rs 0.10-Rs 0.15 ahead of the Interim Budget on Friday. According to data, released by the Indian Oil Corp, a litre of petrol is being sold for Rs 70.94 a litre as against Thursday’s Rs 71.09 in New Delhi, that is a decrease of Rs 0.15 paise. Diesel was being sold at Rs 65.71 a litre (a decrease of Rs 0.10) in the national capital. Talking about other metropolitan cities, in Mumbai, petrol and diesel prices were at Rs 76.825 a litre and Rs 69 per litre, respectively. A litre of petrol in Kolkata cost Rs 73.04, while diesel cost Rs 67.49 a litre. In Chennai, prices of petrol and diesel were Rs 73.64 and Rs 69.41 a litre, respectively.
In Noida, prices of petrol and diesel were Rs 70.73 and Rs 64.93 a litre, respectively. A litre of petrol in Gurugram cost Rs 71.93, while diesel cost Rs 65.66 a litre. In Faridabad, prices of petrol and diesel were Rs 71.71 and Rs 65.74 a litre, respectively.
The revised prices came into effect from 6 am on February, 2019. However, rates vary from city to city and from a pump to pump depending on local taxes and transportation cost. Petrol and diesel prices have increased by more than Rs 2 per litre each in January.
The fuel prices have been falling since October 18, more than negating all of the hikes that were witnessed in the two-month period beginning mid-August, 2018.
Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai. Prices had started to climb from August 16.
The fall came into effect following the Centre’s decision to cut excise duty on petrol and diesel by Rs 1.50 per litre each. The government also asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.
Since then, international oil prices have been falling and the rupee has also appreciated, resulting in a decline in retail rates.