Petrol, diesel prices drop for third consecutive day

Lloyd Doyle
October 20, 2018

The fuel prices witnessed a drop for the third consecutive day on Saturday. In Delhi, petrol is being sold at Rs 81.99 per litre after the price decreased. while diesel costs Rs 75.36 after a cut of Rs 0.12 per litre.

Globally, oil prices rose on Friday on signs of surging demand in China, the world's second largest oil consumer, although prices were headed for a second weekly decline on swelling USA inventories and concern that trade wars were curbing economic activity, reported news agency Reuters.

In a bid to ease the crunch caused by soaring fuel prices, Finance Minister Arun Jaitley had, on October 4, announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre.

The diesel price mark was Rs 75.48 per litre, a decrease of 10 paise in Delhi and for Mumbai, the price was Rs 79.13 per litre, a decrease by 11 paise. On the other hand, petrol saw a dip of 0.38 paisa per litre in Mumbai whereas, diesel price experienced a cut of 0.13 paisa per litre.

The price for diesel in Kolkata was Rs 77.21 per litre and in Chennai, it was Rs 79.69.

In Mumbai, petrol will cost Rs 87.46 per litre after a 38 paise cut, and diesel rates stood at Rs 79 per litre, 13 paise less.

As per India's pricing mechanism, the domestic fuel prices depend upon the global fuel prices on a 15-day average and the value of the Indian rupee. The government had reduced excise duty by Rs 1.50 per litre and asked state-run oil firms to subsidise fuel by Re 1.

Meanwhile, all petrol and CNG (Compressed Natural Gas) pumps in the national capital will remain closed on October 22 as Delhi Petrol Dealers Association (DPDA) has made a decision to go on a strike. Following the strike call, all petrol and CNG (Compressed Natural Gas) pumps in Delhi will remain closed.

Other reports by Iphone Fresh

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