Published: Mon, June 11, 2018
Economy | By

Petrol, diesel prices dip for 10th day in a row

Petrol, diesel prices dip for 10th day in a row

A litre of petrol cost Rs 79.44 in Kolkata, Rs 84.61 in Mumbai and Rs 79.69 in Chennai.

After today's revision, non-branded petrol was retailing at Rs 77.42 per litre in Delhi, Rs 80.07 in Kolkata, Rs 85.24 in Mumbai and Rs 80.37 in Chennai.

The ten days of continuous dip in fuel prices comes as a minor relief since rates were hiked constantly for a period of 16 days.

The petrol prices in Mumbai declined by 40 paise to ₹84.84 a litre, in Kolkata by 39 paise to ₹79.68 a litre and in Chennai by 0.42 paise to ₹79.95. Petrol prices in Delhi fell by 21 paise to Rs. 77.42 per litre on Friday. It was affected by the worldwide crude oil rates where benchmark Brent had touched its 2014 peak of over $80 a barrel, while the rupee had slipped to an 18-month low of 68.42 against the United States dollar.

As a result, petrol margins were revised from November 1, 2017 and diesel margins were deferred and recommended to be deregulated from 1 December 2017. High central and state government levies on petrol and diesel added to the burden on customers, who had to shell out nearly half of the cost they paid for a litre of fuel in taxes. Delhi has the cheapest price among all metros and most state capitals. These reductions followed rates touching an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 for diesel in Delhi on May 29.

A meeting of the Economic Coordination Committee (ECC) of the cabinet held on May 30 and presided over by the then Prime Minister Shahid Khaqan Abbasi approved the hike in margins of petrol and diesel to be effective from July 2018, reported Express Tribune. The US oil production, on the other hand, has increased in the last month.

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