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Relief for customers on Dussehra as petrol, diesel prices fall in major cities


Mangalore Today News Network

Oct 19, 2018: People across metro cities woke up this Dussehra slightly relieved as petrol and diesel prices were reduced marginally on the festive occasion. Delhiites today saw a price cut of 24 paise per litre in petrol and 10 paise in diesel. This comes as a relief as fuel prices have been rising over the past two months.


ss.Petrol in Delhi was priced at Rs 82.38 per litre as against Rs 82.62 a litre previously on Thursday. A litre of diesel costs Rs 75.48 as compared to Rs 75.58 previously.

In Mumbai, petrol now costs Rs 87.84 per litre and diesel Rs 79.13 per litre.

Petrol was down to Rs 84.21 and Rs 85.63 per litre in Kolkata and Chennai respectively, whereas diesel now costs Rs 77.33 and Rs 79.82 per litre.

The price cut follows international oil prices trading near the lowest level in a month on a bigger-than-expected gain in American stockpiles.

The rates were reduced by a minimum Rs 2.50 per litre across the country on October 5, when the government cut excise duty on petrol and diesel by Rs 1.50 a litre and asked oil PSUs to subsidise the fuels by another Re 1 a litre. The reduction in Bharatiya Janata Party (BJP)-ruled states was more as they matched this cut by an equivalent reduction in local sales tax or VAT. Prior to October 5 cut, petrol price had risen by Rs 6.86 a litre and diesel by Rs 6.73 since mid-August.

Before the price cut on Friday, diesel price had risen by Rs 2.74 per litre since October 5 to more than wipe away the excise duty cut and oil firm subsidy. Petrol price had, during this period, risen by Rs 1.33 a litre.

In Mumbai, petrol had hit a peak of Rs 91.34 hit on October 4 and diesel was sold at a record high of Rs 80.10.

After the Centre cut excise duty by Rs 1.50 per litre and asked PSU oil firms to subsidise fuel by Re 1, Maharashtra and Gujarat governments were among the first to announce a matching Rs 2.50 cut.

They were later joined by Chhattisgarh, Jharkhand, Tripura, Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Haryana, Assam, Uttarakhand, Goa, Arunachal Pradesh and Bihar with similar moves. Jammu and Kashmir, which is under the governor’s rule, too reduced the tax on the two fuels.

Maharashtra, however, reduced VAT only on petrol and not on diesel.

Even before the excise duty cut, Rajasthan, West Bengal, Karnataka, Kerala and Andhra Pradesh had last month reduced VAT to cushion consumers for a spate of price increases.

With PTI inputs


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