Petrol price cut by 20 paise; rates back at mid-August levels | Latest News India - Hindustan Times
close_game
close_game

Petrol price cut by 20 paise; rates back at mid-August levels

New Delhi | ByPress Trust of India
Nov 18, 2018 02:02 PM IST

Petrol price in Delhi was cut to ₹76.71 a litre from ₹76.91 on Saturday, according to a price notification issued by state-owned fuel retailers. Diesel is being now sold at ₹71.56 per litre as compared to ₹71.74 on Saturday.

Petrol price Sunday was cut by 20 paise a litre and diesel by 18 paise, the 29th straight daily reduction in rates that has wiped away all of the massive price increase in petrol witnessed in two months since mid-August that had triggered a political uproar. Petrol price in Delhi was cut to 76.71 a litre from 76.91 on Saturday, according to a price notification issued by state-owned fuel retailers. Diesel is being now sold at 71.56 per litre as compared to 71.74 on Saturday. With this, the reduction in rates in the last one month totals 7.29 per litre for petrol and 3.89 a litre for diesel. Rates have been on the decline since October 18. This has wiped out all of the price hike on petrol in two months beginning August 16 and more than half on diesel.

Petrol price Sunday was cut by 20 paise a litre and diesel by 18 paise.(REUTERS)
Petrol price Sunday was cut by 20 paise a litre and diesel by 18 paise.(REUTERS)

The reduction in diesel rates has been slower due to moderate fall in its benchmark international prices, according to oil company price notifications. Petrol price had touched a record high of 84 per litre in Delhi and 91.34 in Mumbai on October 4. Diesel on that day had peaked to an all-time high of 75.45 a litre in Delhi and 80.10 in Mumbai. Prices had started to climb from August 16. Petrol in Delhi was priced at 77.14 per litre and in Mumbai it cost 84.58 on August 15. Diesel on that day was priced at 68.72 per litre in Delhi and at 72.96 in Mumbai. Petrol in Mumbai Sunday cost 82.28 per litre and diesel was priced at 74.97. Between August 16 and October 4, petrol price was hiked by 6.86 per litre and diesel by 6.73. On that day, the government decided to cut excise duty on petrol and diesel by 1.50 per litre each and asked state-owned fuel retailers to subsidise prices by another Re 1 a litre by reducing their margins. Many states including Maharashtra matched that with a reduction in local sales tax or VAT. Subsequent to this, the petrol price came down to 81.50 per litre in Delhi and diesel to 72.95 a litre on October 5. In Mumbai rates fell to 86.97 per litre for petrol and 77.45 in case of diesel. As the international oil prices continued to rise, price of petrol and diesel in Delhi increased to 82.83 and 75.69 on October 17. In Mumbai, rates touched 88.29 a litre for petrol and 79.35 for diesel. But since then, international oil prices have been falling and rupee has also appreciated, resulting in decline in retail rates. Industry source said as per the assessment, the retail prices of petrol and diesel may reign easy in the next few days. The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of country’s requirement is met through imports.

Hindustan Times - your fastest source for breaking news! Read now.

Unveiling Elections 2024: The Big Picture', a fresh segment in HT's talk show 'The Interview with Kumkum Chadha', where leaders across the political spectrum discuss the upcoming general elections. Watch now!

Get Current Updates on India News, Election 2024, Mukhtar Ansari Death News Live, Bihar Board 10th Result 2024 Live along with Latest News and Top Headlines from India and around the world.
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Friday, March 29, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On