Government cuts petrol, diesel prices after 16 days as crude oil softens

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NEW DELHI: After 16 days of continuous hike, fuel prices on Wednesday witnessed a slight drop.

The petrol prices have been cut down by 60 paise in Delhi and 59 paise in Mumbai, while diesel price went down by 56 paise in Delhi and 59 paise in Mumbai on the back of softening international oil rates and strengthening Indian rupee.

The revised petrol prices in metropolitan cities are: Delhi: Rs 77.83 per litre; Mumbai: 85.65; Kolkata: 80.47 and Chennai: 80.80. Meanwhile, the cost of diesel per litre as on Wednesday is Rs 68.75 per litre in Delhi, Rs 73.20 per litre in Mumbai, Rs 71.30 in Kolkata and Rs 72.58 in Chennai.

Petrol, diesel prices vary from state to state due to local taxes and VAT. Delhi has the cheapest price among all metros and most state capitals. Domestic petrol and diesel prices touched a record high on Friday.

The reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates.

In all, petrol price was increased by Rs 3.8 per litre and diesel by Rs 3.38 in that fortnight.

Petrol and diesel prices in India are linked to Singapore gasoline prices GL95-SIN and Arab Gulf diesel prices GO-AG, which mostly track movements in crude oil prices LCOc1.

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