Prices of petrol, diesel slashed again; Check October 22 rates HERE
In yet another respite to consumers, the prices of petrol and diesel again saw a fall on Monday. Petrol was priced at Rs 81.44 per litre (decrease of Rs 0.30), while diesel traded at Rs 74.92 which was a fall of Rs 0.27. In Mumbai, prices of petrol and diesel were Rs 86.91 per litre (decrease of Rs 0.30) and Rs 78.54 per litre (fall of Rs 0.28), respectively, according to the price notification by state-owned oil firms.
On Thursday, the prices of petrol and diesel in Kolkata were Rs 83.69 and Rs 77.15, respectively. In Chennai, the prices were pegged at Rs 84.96 and Rs 79.51, respectively.
Read More | F-16 Proposition: US virtual blackmail of India
Thursday’s cut in the prices of fuel was the first reduction in over two months because of a drop in the cost of production. Petrol and diesel prices were cut by 21 paise and 11 paise across cities, a notification by oil retailers said.
The price cut follows international oil prices trading near the lowest level in a month on a bigger-than-expected gain in American stockpiles. West Texas Intermediate for November delivery traded 11 cents lower at $69.64 a barrel on the New York Mercantile Exchange, while Brent for December settlement was at $79.89 a barrel on the London-based ICE Futures Europe exchange. Brent had earlier this month hit a four-year high of $86.74 a barrel, according to news agency PTI.
Also Read | IND vs WI: India win by eight wickets
On October 4, fuel prices were cut by a minimum Rs 2.50 on October 5 when the government’s only second cut in excise duty of Rs 1.50 per litre and state-owned fuel retailers providing a Re 1 per litre subsidy came into effect. In BJP-ruled states, the reduction was higher as they matched the cut with a similar reduction in local sales tax or VAT.
Delhi, which did not cut VAT on fuel, still has the cheapest fuel among all the metros and bulk of state capital as it levies lower taxes. Mumbai despite reducing VAT on petrol still has the highest priced fuel.
For all the Latest India News, Download News Nation Android and iOS Mobile Apps.
More from India
Do You Know....Ambedkar as a Social Scientist?
10th anniversary of Crimea: A Photo Exhibition was organized at the Russian House in New Delhi
GATORADE USES DATA TO UNLOCK URBAN PLAYGROUNDS, WITH THEIR INITIATIVE 'TURF FINDER'
News Nation Network Receives Prestigious Amity Corporate Excellence Award at INBUSH ERA Global Summit
Foreign Ministers of Finland and India Unveil a Logo Marking 75 Years of Diplomatic Ties