Petrol, diesel cut after 16 days: Petrol at Rs 77.83 / litre in Delhi
The reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates
Economy
& Policy News: After 16 days of
relentless price hikes, petrol price was today cut by about 60 paise
a litre and diesel by 56 paise on the back of softening international oil rates
and strengthening Indian rupee.
Petrol price in Delhi was cut by 60 paise to Rs
77.83 a litre. Rates had yesterday touched an all time high of Rs 78.43 per
litre, according to a price revision notification of state-owned oil firms.
Diesel rates were cut by 56 paise in Delhi to Rs 68.75
per litre. Prices are now off their peak of Rs 69.31 a litre.
The reduction comes after 16 consecutive price
increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll
hiatus to pass on a spike in global oil rates.
In all, petrol
price was increased by Rs 3.8 per litre and diesel by Rs 3.38 in that
fortnight.
Prices vary from state to state depending on local
sales tax or VAT. Delhi has the cheapest price among all metros and most state
capitals.
In Mumbai, petrol price was cut by 59 paise to Rs 85.65
a litre. Diesel rates were reduced by a similar proportion to Rs 73.20.
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