Petrol, diesel prices were reduced across the country on Tuesday after holding them steady on Monday. According to a price notification by state-run oil companies, petrol price was cut by 11 to 15 paise per litre, while diesel prices also decreased by 14 to 16 paise.
This was the second reduction in fuel prices in three days. On Sunday, petrol prices dropped 15 to 20 paise per litre across the country after 35 days.
After the latest revision, a litre of petrol costs Rs 101.49 in Delhi. In Mumbai, which became the first metro in the country on May 29 where petrol was being sold for more than Rs 100 per litre, the fuel now costs Rs 107.52 per litre. A litre of precious auto-fuel is priced at Rs 99.20 in Chennai. It must be noted that the Tamil Nadu government had earlier announced a cut in cess on auto fuel last month. In Kolkata, you have to pay Rs 101.82 for a litre of petrol.
Diesel prices have also witnessed sharp cuts in the last one week. A litre of diesel now costs Rs 88.92 in Delhi. In Mumbai, diesel is being sold at Rs 96.48 per litre. The retail price of diesel is revised to Rs 93.52 in Chennai and Rs 91.98 in Kolkata.
The price cut follows international oil prices falling to their lowest level since May after the US Federal Reserve hinted it was set to start tapering asset purchases within months, hurting commodities and lifting the dollar.
Petrol and diesel prices touched all-time high in India this year. Petrol price was increased by Rs 11.44 a litre and diesel rates went up by Rs 9.14 between May 4 and July 17. This continuous hike pushed petrol over Rs 100-per-litre-mark in many states. Diesel price was over Rs 100 in at least three states.
