Petrol, diesel prices cut for third consecutive day; LPG cylinders to be costlier

After 16 days of relentless price hikes, petrol prices along with diesel, on Friday witnessed a cut for the third consecutive day.

With a price drop of 6 paise per litre, Petrol in Delhi now cost Rs 78.29 while diesel price has been slashed by 5 paise to cost Rs 60.20 per litre.

In Kolkata, petrol costs Rs 80.92 per litre on June 1 while diesel is at Rs 71.75 per litre. On the other hand, petrol price in Mumbai and Chennai, on Friday, is Rs 86.10 and Rs 81.28 per litre, respectively.

Diesel rate in both the cities is at Rs 73.67 and Rs 73.96 per litre. The Kerala government has decided to slash fuel prices in the state by Re 1 effective from June 1.

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Earlier, on Thursday, Petrol and Diesel prices were down by 7 paise and 5 paise per litre respectively. Petrol and diesel prices were on Wednesday cut by 1 paisa a litre each. The reduction was following the lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls.

After this small relief to customers, the cost of Liquefied Petroleum Gas (LPG) has been increased on Friday by Rs 2.34 and Rs 48 for subsidised and non-subsidised cylinders respectively.

The price for subsidised (Rs/14.2 Kg) and the non-subsidised cylinders are Rs 493.55, Rs 496.65, Rs 491.31 and Rs 481.84 in Delhi, Kolkata, Mumbai and Chennai respectively. The new prices will be effective across all the metropolitan cities from Friday.

Price of subsidised LPG cylinder in Delhi - Rs 493.55, Kolkata- Rs 496.65, Mumbai - Rs 491.31 and Chennai - Rs 481.84, to be effective from today.

— ANI (@ANI) June 1, 2018

Talking about fuel price hike, Union Minister Piyush Goyal on Thursday said, "The Centre, in consultation with states, is making a long-term plan so that the prices could be reduced and controlled in future."

"Our government has kept the inflation under control, while the inflation rate during the UPA government used to be in double digits," Goyal added.

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On Tuesday, fuel prices touched an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 for diesel in Delhi on Tuesday.

Prices vary from state-to-state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.

In the 16 consecutive increases since May 14, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38.