Petrol price cut by 22 paise; total reduction reaches Rs 4.06 in 19 days


Team Udayavani, Nov 5, 2018, 11:55 AM IST

New Delhi: Petrol price has been cut by over Rs 4 per litre and diesel by Rs 2.33 in the last 18 days on softer international rates, a pace faster than the spike in prices witnessed in the two-month period beginning mid-August. 

Petrol price on Monday cut by 22 paise a litre and diesel by 20 paise, according to a price notification issued by state-owned fuel retailers. 

On Monday, petrol retailed Rs 78.56 per litre while diesel is priced at Rs 73.16, in Delhi. Petrol in Mumbai costs Rs 84.06 and diesel Rs 76.67 per litre on Monday. With this, the reduction in rates in last 18 days now totals Rs 4.05 per litre for petrol and Rs 2.33 for diesel. 

Rates have been on the decline since October 18.  Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai. 

Prices had started to climb from August 16. Petrol in Delhi was priced at Rs 77.14 and in Mumbai at Rs 84.58 per litre on August 15. Diesel on that day was priced at Rs 68.72 per litre in Delhi and Rs 72.96 in Mumbai. Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73. 

On that day, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins. 

Subsequent to this, the petrol price came down to Rs 81.50 per litre in Delhi and diesel to Rs 72.95 a litre on October 5. In Mumbai, rates fell to Rs 86.97 per litre for petrol and Rs 77.45 in case of diesel. 

As the international oil prices continued to rise, price of petrol and diesel in Delhi increased to Rs 82.83 and Rs 75.69 on October 17. In Mumbai, rates touched Rs 88.29 a litre for petrol and Rs 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 sources 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.    

Udayavani is now on Telegram. Click here to join our channel and stay updated with the latest news.

Top News

Mangaluru: Speaker UT Khader urges focused discussions in upcoming winter session

Seven West Indies players to train at Chennai Super Kings Academy from December 1

Kundapura: Ulloor’s historic Kambala to be held on November 28

NIA conducts searches at 22 locations to probe human trafficking syndicate

BJP does not take decisions under pressure from Shinde, says Sena (UBT) leader

Gangavathi: School excursion bus overturns; Four students sustain injuries

Maha polls: Army, partner forces flew 140 sorties spanning over 77 hours

Related Articles More

Equity markets rise in early trade amid buying in HDFC Bank, SBI

Sensex rises by 230 points on gains in Adani stocks, select blue-chips

Infosys to dish out average performance bonus of 90% for Q2

Gautam Adani, nephew Sagar not charged with bribery, but with fraud: Adani Green clarifies amid US DoJ indictment

Alphabet gets CCI’s clearance to acquire stake in Flipkart

MUST WATCH

Grafting

Coconut Flower

Prakash Belawadi

Naxal Leader Vikram Gowda

Christmas Cake Fruit Mixing


Latest Additions

Mangaluru: Speaker UT Khader urges focused discussions in upcoming winter session

Seven West Indies players to train at Chennai Super Kings Academy from December 1

Equity markets rise in early trade amid buying in HDFC Bank, SBI

Money laundering case: ED team undertaking searches attacked in Delhi

B’luru: Four policemen get 7 years imprisonment in custodial death case

Thanks for visiting Udayavani

You seem to have an Ad Blocker on.
To continue reading, please turn it off or whitelist Udayavani.