Petrol, diesel prices fall for tenth day as crude oil continues to see-saw
After sixteen days of continuous hikes in petrol and diesel prices led to widespread anger among commuters, prices of the fuels have started trending downwards, with cuts coming daily over the last te
Published: 09th June 2018 05:21 AM | Last Updated: 09th June 2018 05:21 AM | A+A A-
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NEW DELHI: After sixteen days of continuous hikes in petrol and diesel prices led to widespread anger among commuters, prices of the fuels have started trending downwards, with cuts coming daily over the last ten days. On Friday, petrol prices were slashed by 21 paisa per litre and diesel prices by 15 paisa per litre.
As per Friday’s rate chart published by Indian Oil Corporation, petrol retailed in Delhi at Rs 77.63, Mumbai at Rs 85.45, Kolkata at Rs 80.28 and in Chennai at Rs 80.59, while the diesel price in Delhi was Rs 68.73, Rs 73.17 in Mumbai, Rs 71.28 in Kolkata and Rs 72.56 in Chennai.
Despite the prices going down for the tenth consecutive day, petrol has gotten cheaper by only a rupee in Delhi during this period, while diesel has become cheaper only by 82 paise. The declining trend in fuel prices started on May 30th with a one paise cut.
Data released by IOC shows that retail fuel prices are still substantially higher compared to prices at the start of the year. For example, in Delhi, petrol and diesel prices have gone up by Rs 7.45 per litre and Rs 8.94 per litre respectively so far this year.
The central government has consistently laid the blame for rising fuel costs on international reasons such as the production cut deal by OPEC nations and other geopolitical conditions.
Brent crude oil, which forms a major portion of the Indian crude oil basket, was selling at close to $77.50 per barrel on Friday.
Friday’s cut in retail prices comes a day after Oil minister Dharmendra Pradhan’s assurance that the government is keen on bringing petroleum products under the GST purview, which will help in checking volatility in fuel prices. Pradhan had also said that the government will not let the fuel prices go beyond the reach of common people.
Industry body Assocham also noted on Friday that reducing taxes is the best solution to check the spurt in fuel prices, pointing out that such a move would also help India on the exports front.
