Petrol, diesel prices drop for third consecutive day

Marco Green
October 21, 2018

Petrol and diesel rates are decided on a daily basis by oil-marketing companies on the basis of the rupee-dollar rate and global crude oil prices.

The petrol price in Delhi was revised to Rs 81.99 per litre after a decrease of 39 paise, while that in Mumbai was Rs 87.46 per litre after a 38 paise reduction. In Delhi, petrol was priced at Rs 82.62 per litre (decrease by Rs 0.21) while the price of diesel was at Rs 75.58 per litre (decrease by Rs 0.11). On the other hand, petrol saw a dip of 0.38 paisa per litre in Mumbai whereas, diesel price experienced a cut of 0.13 paisa per litre. While in Mumbai the petrol costs at Rs 87.21 per litre after a cut of Rs 25 paise and diesel rate dropped by 18 paise and marked at Rs 78.82 per litre. Prior to October 5 cut, petrol price had risen by Rs 6.86 a litre and diesel by Rs 6.73 since mid-August. The price for diesel in Kolkata was Rs 77.33 per litre and in Chennai, it was Rs 79.82 per litre.

The reduction in fuel prices comes in the wake of Prime Minister Narendra Modi's meeting with the top executives of global and Indian oil and gas companies on Monday.

Accordingly, the Brent crude was priced below $80 per barrel, which in recent past traded around $85 a barrel, while the rupee closed at 73.50 to a greenback from its previous close of 73.61 to a U.S. dollar.

The fuel prices have seen a continuous hike across the country from past few months.

The Delhi Petrol Dealers Association has announced a one-day strike demanding a decrease in Value-Added Tax over fuel prices.

Fuel prices have been slashed in India for the third consecutive day.

Meanwhile, all petrol and CNG (Compressed Natural Gas) pumps in the national capital will remain closed on October 22 as Delhi Petrol Dealers Association (DPDA) has chose to go on a strike.

Other reports by Click Lancashire

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