Fuel prices, continued to drop today as well. In the national capital, petrol was selling at Rs 79.55 per litre which is a fall of Rs 0.20 and diesel was at Rs 73.78 per litre, a decrease of Rs 0.07.
In Mumbai, petrol and diesel prices were Rs 85.04 per litre and Rs 77.32 per litre respectively; that’s a decrease of Rs 0.20 and Rs 0.08 respectively.
Fuel prices have been steadily declining for over 10 days now as oil companies factored in softening of international rates.
Union Minister Dharmendra Pradhan also said last week that crude prices were not under the control of the Indian government and were determined by international forces.
“Oil prices are beyond the control of the Indian Government. It is an international commodity. We promised to the people of this country that we will not push our country into indebtedness. That is the reason we took some burden on us,” said the minister.
“Whatever the price the international market dictates, India has to pay,” the Minister for Petroleum said while addressing delegates at the Bharatiya Janata Yuva Morch (BJYM) national convention.
Before the October 5 price cut, petrol in Delhi had hit an all-time high of Rs 84 per litre and diesel was at record Rs 75.45. This came down to Rs 81.50 per litre for petrol and Rs 72.95 in case of diesel.
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.
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,” an official statement added.>