In 3 days, fuel prices come down by 87 paise


While speaking to the media after making the announcement of the shutdown, the DPDA chief said that the Central government had slashed the rate of petrol and diesel by Rs 2.50 per litre each on September 4.

"The price reduction in UP and Haryana has led to a decline in sale of petrol by 20% and diesel by 30% in Delhi till October 15". 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). Petrol price was cut by 25 paise a litre and diesel by 17 paise, according to the price notification of state-owned oil firms. Consumers took a sigh of relief on Thursday as the petrol and diesel prices witnessed a slight decline. In Kolkata, the petrol price settled at Rs 83.83 per litre, a dip by 38 paise and in Chennai, it was Rs 85.22 per litre, a cut of 41 paise - the max amount across all the four metros. The price of diesel per litre was slashed by a mere 35 paisa yesterday.

The price cut follows worldwide oil prices trading near the lowest level in a month on a bigger-than-expected gain in American stockpiles.

State-run oil marketing companies Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) revise fuel prices with effect from 0600 hrs on a daily basis.

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. Following the strike call, all petrol and CNG (Compressed Natural Gas) pumps in the national capital will remain closed. The protest was called by Delhi Petrol Dealers Association on October 10 - days after 13 states slashed Value-Added Tax following a request by Union minister Arun Jaitley.

Prior to Thursday's cut in rates, diesel price had risen by Rs 2.74 per litre since October 5 to more than wipe away the excise duty cut and oil firm subsidy.