Petrol, diesel price cut for first time after 13 days

Ever since the central government decreased the price of petrol and diesel by Rs 2.5 on October 5, it was for the first time today after a gap of 13 days that there has been a decline in fuel prices. State-run oil retailers decreased the price of petrol by 21 paise and that of diesel by 13 paise.

In Delhi, a litre of petrol costs Rs 82.62, in Mumbai Rs 88.08, Chennai Rs 85.88 and Kolkata 84.44. Diesel costs Rs 75.58 in Delhi, 79.24 in Mumbai, Rs 79.93 in Chennai and Rs 77.43 in Kolkata.

Petrol, diesel price cut for first time after 13 days

Fuel prices were left unchanged yesterday before declining today.

Petrol and diesel prices in India are a reflection of global crude oil prices, 80% of which is imported by India. A falling rupee has only made things worse.

At present, oil companies are bearing a loss of Re 1 on every litre of petrol and diesel they sell. Several state governments have already reduced VAT or sales on petrol and diesel, which do not fall under the purview of Goods and Services Tax (GST). The central government, on its part, has also reduced excise duty on the two automobile fuels by Rs 1.5 a litre.

Many vehicle drivers and owners in Delhi are refuelling from the neighbouring Gurgaon or Gurugram and Noida where the prices are cheaper by about Rs 1.3 to Rs 2.5 per litre. This is because the Delhi government is yet to slash VAT whereas Uttar Pradesh and Haryana have done it.

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