Petrol, Diesel Prices Cut For Second Consecutive Day, Big Relief to Consumers on Dussehra

Team Latestly
This is the second price cut arising from a drop in international oil prices.

New Delhi, October 19: Prices of petrol and diesel were reduced for the second consecutive day on Friday, bringing a big relief to consumers on the occasion of Dussehra. Petrol price was cut by 24 paise, and diesel by ten paise. In Mumbai, however, diesel price was slashed by 11 paise. Fuel rates were decreased because of a drop in the cost of production.

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Following the price cut, petrol in Delhi now costs Rs 82.38 per litre as against Rs 82.62 a litre previously. A litre of diesel now costs Rs 75.48 as compared to Rs 75.58 previously. In Mumbai, petrol now costs Rs 87.84 per litre and diesel Rs 79.13. On Thursday, petrol price was cut by 21 paise per litre and diesel by 11 paise.

Prior to Thursday’s cut in rates, diesel price had risen by Rs 2.74 per litre, and petrol by Rs 1.33 since October 5 when the government had cut excise duty on petrol and diesel by Rs 1.50 per litre and asked state-owned oil marketing companies (OMCs) to subsidise the two fuels by another Re 1 a litre. The reduction in BJP-ruled states was more as they matched this cut by an equivalent decrease in local sales tax or VAT.

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Before the October 5 price cut, petrol in Delhi had hit an all-time high of Rs 84 per litre and diesel was at record Rs 75.45. This came down to Rs 81.50 per litre for petrol and Rs 72.95 in case of diesel. In Mumbai, petrol had hit a peak of Rs 91.34 hit on October 4 and diesel was sold at a record high of Rs 80.10. Petrol and Diesel Dealers Strike in Delhi; DPDA Announces Day-Long Bandh on October 22 as Kejriwal Government Refuses To Lower VAT.

The reduction in excise duty on October 5, only the second in four years of BJP-led NDA rule. The BJP-government had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by Rs 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.