Petrol price today: In some respite to consumers, oil marketing firms again slashed fuel prices on Friday for the second consecutive day. Petrol today is retailing at Rs 82.38 per litre and diesel at Rs 75.48 per litre in Delhi, an increase of 24 paise and 10 paise respectively. Mumbai also saw a similar cut with petrol in the city can be availed today at Rs 87.84 per litre and diesel is being sold at Rs 79.13 per litre, according to the information available on the Indian Oil Corp’s website.
On the other side, petrol in Kolkata is retailing at Rs 84.21 per litre, an increase of 23 paise, while diesel is being sold at Rs 77.33, up 21 paise from Thursday’s price. In Chennai too, prices of petrol and diesel been cut with petrol is costing Rs 85.63 per litre and diesel at Rs 79.82 per litre, an increase of 25 paise and 11 paise from yesterday’s price.
On Thursday, the oil marketing firms reduced the fuel prices for the first time in last two months citing a decline in their cost of production. Since mid-August, petrol and diesel prices have been increasing, on account of various reasons including free fall in rupee, high excise duty and rising Brent crude oil rates.
Meanwhile, the Delhi Petrol Dealers Association had announced on Wednesday that it will go on a one-day strike from 6 am on October 22 to 5 am on October 23. The association is demanding a decrease in VAT over fuel prices. Following the strike call, all petrol and CNG (Compressed Natural Gas) pumps in Delhi will remain closed.
Since mid-August, petrol and diesel prices have been rising, due to various reasons including rapid fall in rupee, high excise duty and rising Brent crude oil rates. Oil minister Dharmendra Pradhan on Tuesday that the oil marketing firms fix rates of petroleum products based on the international benchmark and the government has no saying in the pricing of these products, which had been deregulated.
Modi government had cut fuel rates through excise duty reduction and oil company subsidy with effect from October 5, in wake of rising petrol and diesel prices. The government cut excise duty by Rs 1.50 per litre and directed state-run oil marketing firms to subsidise fuel by Rs 1 per litre, which resulted in a combined reduction of Rs 2.50 per litre.
However, the entire Rs 2.5 a litre relief on diesel prices, including Re 1 per litre loss absorption by OMCs, got erased on Monday, October 15, after 10 consecutive increases, due to elevated crude oil prices and the continued fall in rupee
