Fuel prices, witnessed a downfall today across the four metro cities for twelfth straight day.
The oil marketing companies (OMCs) slashed rates of petrol and diesel by 30 paise per litre and 20 paise per litre, respectively, in Delhi as compared to the Sunday prices.
In the national capital, petrol price stood at Rs. 79.75 per litre and diesel at Rs. 73.85 per litre. Petrol and diesel rates in Mumbai were decreased to Rs. 85.24 per litre and Rs. 77.40 per litre respectively, with effect from 6 am today.
In Chennai, petrol and diesel prices stood at Rs. 82.86 and Rs. 78.08 per litre respectively. In Kolkata, petrol and diesel prices were at Rs. 81.63 per litre and Rs. 75.70 per litre respectively. Currently, OMCs revise domestic fuel prices on a daily basis.
In these 12 straight cuts, petrol price has been reduced by Rs. 3.08 per litre and diesel by Rs. 1.84 a litre in Delhi.
Fuel prices had earlier witnessed a relentless hike in the country. Looking at this, the government on October 4, decided to cut excise duty on petrol and diesel by Rs. 1.50 per litre each and asked state-owned fuel retailers to subsidise by another Re 1 a litre by reducing their margins.
Subsequent to this, the petrol price came down to Rs. 81.50 per litre and diesel at Rs. 72.95 a litre on October 5.
However, as the international oil prices continued to rise, price of petrol and diesel in Delhi increased to Rs. 82.83 per litre and Rs. 75.69 per litre by October 16.
But beginning October 18, international oil prices have been falling and rupee has also appreciated. The twin factors have brought down fuel prices to two-month low, as reported .
Meanwhile, on the global front, oil prices dipped on Monday amid cautious sentiment as a plunge in financial markets last week and dollar strength early this week underscored concerns that growth may be slowing, especially in Asia’s emerging economies.
Front-month Brent crude oil futures were trading down 39 cents, or 0.5 per cent, at $77.23 a barrel at 0616 GMT or 11:46 am.>