More cut in petrol, diesel prices in Delhi as Diwali nears

Delhi Residents woke up to a happy Friday morning, with fuel prices further decreased in the national capital ahead of Diwali.

Petrol and prices were further slashed on Friday by Rs 0.19 and Rs 0.14 respectively. After the cut, petrol will now be available at Rs 79.18 per litre while diesel at Rs 73.64 per litre.

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In Mumbai too, the rate of petrol per litre was pegged at Rs 84.68, a cut of Rs 0.18 while that of diesel was Rs 77.18 per litre, a reduction of Rs 0.14. 

Petrol and diesel prices have been slashed several times bringing the much-needed relief to customers from the relentless hikes ever since the rates touched a record high of Rs 84 per litre for petrol and Rs 75.45 a litre for diesel on October 4.

Following the huge hike, with Mumbai touching a high of Rs 91.34, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise by another Re 1 a litre by reducing their margins.

Subsequent to this, the petrol price came down to Rs 81.50 per litre and diesel at Rs 72.95 a litre on October 5 in Delhi, according to a government statement.   

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“As the international oil prices continued to rise, the price of petrol and diesel in Delhi increased to Rs 82.83 per litre and Rs 75.69 per litre. (But) since last eight days, international oil prices have been falling and the rupee has also appreciated,” the statement said.

The twin factors have brought down fuel prices to a six-week low.         

“As per the assessment, the retail prices of petrol and diesel may reign easy in the next few days,” it said.         

The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. “This is because a large proportion of country’s requirement is met through imports,” the statement added.