After clocking a massive hike in last six-weeks, petrol price on Wednesday fell below Rs. 74 per litre mark for the first time since April. Petrol price in Delhi was cut by 50 paisa to Rs. 73.57 per litre, according to a price notification issued by state-owned fuel retailers. Diesel rates were cut by 40 paisa to Rs. 68.89 per litre. With this, the reduction in rates in last six weeks total to Rs. 9.26 per litre on petrol and Rs. 7.2 per litre on diesel. Rates have been on the decline since October 18. This has wiped off the entire price hike on petrol and diesel in two months beginning August 16.
Petrol price had touched a record high of Rs. 84.00 per litre in Delhi and Rs. 91.34 in Mumbai on October 4. Diesel on that day had peaked to an all-time high of 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 per litre and in Mumbai it cost Rs. 84.58 on August 15. Diesel on that day was priced at Rs. 68.72 per litre in Delhi and at Rs. 72.96 in Mumbai. Petrol price in Mumbai Wednesday stood at Rs. 79.12 per litre and diesel was priced at Rs. 71.71. Between August 16 and October 4, petrol price was hiked by Rs. 6.86 per litre and diesel by Rs. 6.73 per litre.
On October 4, 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 prices by another Rs. 1 per litre by reducing their margins. Many states including Maharashtra matched that with a reduction in local sales tax or VAT. 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 for 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 per litre for petrol and Rs. 79.35 per litre for diesel. But since then, international oil prices have been falling and rupee has also appreciated, resulting in decline in retail rates. With international oil prices declining to USD 60 per barrel, 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 crude oil and the rupee-US dollar exchange rate.
from NDTV CarAndBike - Latest News https://ift.tt/2TUpi3Y
No comments:
Post a Comment