Following successive cuts for over a month, petrol and diesel prices are now at their lowest during the last few months. The price of petrol was cut by 50 paise and diesel by 40 paise today. Following today’s decline, petrol is now at its lowest in all four metro cities — Delhi, Mumbai, Chennai and Kolkata — this financial year.
A litre of petrol today costs Rs 73.57 in Delhi, Rs 79.12 in Mumbai, Rs 74.15 in Bengaluru, Rs 76.35 in Chennai and Rs 75.57 in Kolkata.
A litre of diesel costs Rs 68.49 in Delhi, Rs 71.71 in Mumbai, Rs 68.85 in Bengaluru, Rs 72.34 in Chennai and Rs 70.34 in Kolkata. The decline is not just on account of declining crude oil rates in the international market but also because of lowering of excise duty and a cut in sales tax (VAT) in several states.
Besides this, state-run fuel retailers are also bearing a loss of Re 1 on every litre of petrol, diesel sold in India, on instructions from the Union finance ministry to lower fuel rates. Read More