Published: Mon, June 11, 2018
Business | By Tara Barton

Petrol prices cut for 10th day in a row, diesel slashed too

Petrol prices cut for 10th day in a row, diesel slashed too

Over the 16-day period, petrol prices rose by nearly Rs 4 across the country while diesel rates went up by around Rs 3.3.

On Thursday, price for petrol was Rs 77.63 per litre, while diesel price was Rs 68.73 a litre in Delhi. A litre of petrol cost Rs 79.44 in Kolkata, Rs 84.61 in Mumbai and Rs 79.69 in Chennai.

Petrol and diesel prices were cut once again 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.

This is the 11th reduction in rates coming after 16 days of relentless price hikes that followed lifting of a almost three-week hiatus on price revision just before Karnataka went to polls. It was affected by the worldwide crude oil rates where benchmark Brent had touched its 2014 peak of over $80 a barrel, while the rupee had slipped to an 18-month low of 68.42 against the U.S. dollar.

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Since no revision in diesel margins was made like the way petrol margins were revised based on the CPI, the OMCs claimed that they suffered a loss of Rs485 million from November 2017 to February 2018.

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.

Lower global crude oil cost, along with a strengthened rupee, has pulled down the prices of transportation fuels since May 30. The US oil production, on the other hand, has increased in the last month.

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