Petrol, Diesel Prices Slashed After Long Period, Some Relief to Consumers

Fuel Prices Cut After 12 Days In Metros Amid Festive Cheer

Diesel is being sold at Rs 75.58 per litre in Delhi and Rs 79.24 per litre in Mumbai after decrease in prices. There was a cut of 11 paise in diesel rates. Price of petrol has already crossed the Rs 90 mark in Parbhani in Maharashtra, as first reported by TOI in Monday's edition. A litre of diesel now costs Rs 75.58 as compared to Rs 75.69 previously. A litre of diesel was sold for Rs 75.69 in New Delhi, Rs 77.54 in Kolkata, Rs 79.35 in Mumbai, and Rs 80.04 in Chennai.

Prices of both petrol and diesel across the country witnessed a dip on Thursday.

Petrol rates were slashed by 21 paise in New Delhi, Kolkata and Mumbai and by 22 paise in Chennai.

The fuel rate cuts came even as global oil prices inched up amid the ongoing tensions over the death of a prominent Saudi journalist. After a reduction of 21 paise the petrol price in the national capital settled at Rs 82.62 per litre.

Even before the excise duty cut, Rajasthan, West Bengal, Karnataka, Kerala and Andhra Pradesh had last month reduced Value-Added Tax to cushion consumers for a spate of price increases.

They were later joined by Chhattisgarh, Jharkhand, Tripura, Uttar Pradesh, Madhya Pradesh, Himachal Pradesh, Haryana, Assam, Uttarakhand, Goa, Arunachal Pradesh and Bihar with similar moves.

Prices of petrol and diesel fell on Thursday for the first time since the Centre decided on October 5 to intervene in the market to control the rising prices.

Maharashtra, however, reduced Value-Added Tax only on petrol and not on diesel.

The government had cut excise duty on petrol and diesel by Rs 1.50 per litre and asked state-owned oil marketing companies (OMCs) to subsidise the two fuels by another Re 1 a litre. However, most of the Rs 2.50 per litre reduction in rates effected from October 5 has been lost in increases in selling prices on subsequent days.

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