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on Friday— the 10th consecutive reduction in as many days for petrol, and the ninth cut
in 10 days for diesel — bringing some relief to consumers who had been feeling the heat as fuel prices had been on the boil for a while.
Ahead of the downward slide, fuel prices were hiked continuously for over two weeks, triggered by a spike in global crude prices.
In the capital city of Delhi, Indian Oil Corporation (IOCL) — the country’s largest fuel retailer— cut petrol prices by 21 paise to Rs 77.42 per litre, and diesel rates by 15 paise to Rs 68.58 per litre.
A quick look at the other major metros show that IOCL slashed the fuel rate as follows–
In Mumbai petrol to Rs 85.24/ litre, diesel to Rs 73.02/ litre
In Chennai petrol to Rs 80.37/ litre, diesel to Rs 72.40/ litre
In Kolkata petrol to Rs 85.24/ litre, diesel to Rs 71.13/ litre
Price at other fuel retailers’ petrol pumps may vary slightly from these prices by few paise.
Oil minister Dharmendra Pradhan
on Wednesday vowed to not allow petrol and diesel prices go out of reach of the common man, saying the government is working on a holistic solution to price volatility without going back on reforms.
Blaming geopolitics of oil, exchange rate fluctuations and local taxes for petrol and diesel prices touching a record high, he said the government is sensitive and will ensure that “poor, middle class are not pained.”
Fuel prices vary from state to state depending on local sales tax or value-added tax (VAT). Delhi has the cheapest price among all metros and most state capitals.
Petrol and diesel rates are deregulated in India, hence the actual prices at fuel stations are market-determined based mainly on crude oil prices and rupee-dollar forex rates.