Fuel prices witnessed further reduction on Tuesday, providing some relief to consumers from relentless rate hikes. The petrol price in Delhi was revised to Rs 81.34 per litre, while that in Mumbai was Rs 86.81 per litre after a 10 paise reduction.
Diesel price rose for the 10th consecutive day Monday to wipe out all of the Rs 2.50 per litre cut in rates announced earlier this month through excise duty cut and oil company subsidy.
The share prices of India’s state-owned oil companies have declined by around 20 per cent on an average since the government announced a reduction in fuel prices on 4 October. Unsurprisingly, the aggregate market capitalisation of the six-largest listed
India’s biggest private fuel retailer Nayara Energy, formerly known as Essar Oil, will join state-owned oil companies in subsidising petrol and diesel by Re 1 per litre, its chief executive B Anand said Friday.