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


Mangalore Today News Network

New Delhi, October 18: Prices of petrol and diesel were decreased across the country after a long period on Thursday, a move that will provide some relief to consumers. Prices of petrol were slashed by 21 paise in Delhi, Mumbai and others parts of the country. There was a cut of 11 paise in diesel rates. Fuel rates were unchanged on Wednesday, following a hike a day before.


Prices Slashed..


After price cut, petrol is being sold at Rs 82.62 per litre in the national capital. In Mumbai, a litre of petrol costs Rs 88.08. Diesel is being sold at Rs 75.58 per litre in Delhi and Rs 79.24 per litre in Mumbai after decrease in prices. On Tuesday, petrol price in Delhi was Rs 82.41 per litre. A litre of diesel was sold at Rs 75.47 per litre. In Mumbai, petrol remained at Rs 87.87 per litre, and diesel was retailed at Rs 79.13.

The government had cut excise duty on petrol and diesel by Rs 1.50 per litre and asked state-owned oil marketing companies (OMCs) to subsidise the two fuels by another Re 1 a litre. However, most of the Rs 2.50 per litre reduction in rates effected from October 5 has been lost in increases in selling prices on subsequent days.

The reduction in excise duty and OMCs absorbing some prices had led to a drop in the price of petrol from a record high of Rs 84 per litre to Rs 81.50 in Delhi and that of diesel from an all-time high of Rs 75.45 to Rs 72.95 a litre on October 5. But rate hikes on subsequent days have pushed prices up. Petrol has risen by over 80 paise per litre since then and diesel by Rs 1.67.

The Opposition has repeatedly blamed the Modi government for the steep hike in the fuel price, while the latter has maintained that global crude oil prices and other international factors are responsible for the increase in prices of petroleum products.


Courtesy:Yahoo.com


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