Petrol price cut by 30p/liter today; diesel cheaper by 20p/liter
The downward slide in petrol and diesel prices continued today after rates were cut by 20-30p/liter on softening international oil prices. Petrol price was cut by 30p/liter and now costs Rs. 79.75/liter in Delhi, according to a price notification issued by State-owned oil firms. Diesel rates were reduced by 20p to Rs. 73.85/liter. This is the 12th straight daily reduction in rates. Here's more.
Overall, petrol price has been cut by Rs. 3.08/liter and diesel by Rs. 1.84/liter. The rates are off their record-high of Rs. 84/liter for petrol and Rs. 75.45/liter for diesel touched on October 4. On that day, the government decided to cut excise-duty on both by Rs. 1.50/liter each and asked State-owned fuel retailers to subsidize by another Re. 1/liter by reducing their margins.
After October 4, the petrol price came down to Rs. 81.50/liter and diesel at Rs. 72.95/liter on October 5. However, as the international oil prices continued to rise, the price of petrol and diesel in Delhi increased to Rs. 82.83/liter and Rs. 75.69/liter by October 16. But beginning October 18, international oil prices have been falling and the rupee has also appreciated.