Fuel prices fell for the tenth day today as Indian Oil reduced prices of petrol by 21 paise to Rs 77.42 and diesel by 15 paise to Rs 68.58 in Delhi. Petrol now costs Rs 85.24 and diesel Rs 73.02 a litre in Mumbai.
Oil marketing companies have been revising the price of petrol and diesel downwards on a daily basis based on the international crude oil prices. The price varies from state to state based on the prevailing VAT.
The OPEC group of nations is slated to meet later this month to decide on raising production of oil to ease concerns relating to production shortfall in countries like Venezuela and Iran.
Owing to a surge in petrol and diesel price till last week, the government had come under pressure to relax the excise duty levied on the commodities to ease the pressure on consumers. Read More