Fuel Prices Saw Another Drop Today

Fuel Prices Witness Drop For 14th Day in a Row; Petrol Rate Down by Rs 0.19 in Delhi, Mumbai.

The fuel prices, in Delhi and Mumbai saw yet another drop in Delhi and Mumbai today. While, petrol price decreased by 0.19 paisa in both the cities, the diesel price witnessed a fall of 0.11 paisa and 0.12 paisa in Delhi and Mumbai, respectively.

Following the rate cut, petrol and diesel are being sold at Rs 78.79 per litre and Rs 73.53 per litre, in Delhi and at Rs 84.49 per litre and Rs 77.06 per litre in Mumbai.

On Friday, the petrol and diesel price witnessed a decrease for the 13th consecutive day. With a drop of 0.19 paisa in Delhi and 0.18 paisa in Mumbai, petrol was priced at Rs 79.18 per litre and Rs 84.68 per litre in both the cities, respectively.

The diesel price fell by 0.14 paisa to settle at Rs 73.64 per litre and Rs 77.18 per litre in respective cities.

The petrol and diesel rate cut comes as a relief amid a relentless hike across the country in previous months. Last week, Union Minister Dharmendra Pradhan had said 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,” he said.

Amid the spiralling fuel prices, Union Finance Minister Arun Jaitley had on October 4 announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre.

Before the 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.

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