After witnessing a steep rise for the last two days, fuel prices on Thursday was cut by about 10-11 paise in all major cities across India. According to data, released by the Indian Oil Corp, a litre of petrol is being sold for Rs 71.09 in New Delhi. Diesel is at Rs 65.81/litre in the national capital on Thursday.
Talking about other metropolitan cities, In Mumbai, petrol and diesel rates were at Rs 76.72 a litre and Rs 68.91 per litre, respectively. Petrol prices in Kolkata and Chennai were Rs 73.18 per litre and Rs 73.80 per litre, respectively, while diesel prices stood at Rs 67.59 a litre in Kolkata and Rs 69.52 a litre in Chennai.
The revised prices came into effect from 6 am on January 31, 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.