Petrol Prices Cut For Fifth Consecutive Day
Petrol prices were cut marginally on fifth consecutive day on Sunday as global crude oil prices began to ease, Diesel rate unchanged.
The price fell by nine paise in Delhi, Mumbai and Kolkata, and by 10 paise in Chennai. India meets more than 80% of its oil requirement through imports which makes it the most expensive item on import bill.
As per prices announced by largest retailer Indian Oil Corp (IOC), prices fell around nine paise in the four metro cities, while diesel prices remained unchanged over Saturday.
Petrol prices on Sunday:
Diesel prices on Sunday:
Meanwhile, Union Minister Nitin Gadkari on Saturday said the Centre was making efforts to find long-term solutions to tackle the increase in petrol and diesel prices and suggested that India should move to “alternative” fuels.
The government is making efforts to find long-term solutions to tackle the fuel price hike issue, he said when asked about the soaring prices of petrol and diesel.
“We have already stopped the subsidy on petrol and diesel, and we are giving LPG connections to 8 crore people.
“We could give the LPG connections to so many people because we stopped the subsidy on petrol and diesel,” Gadkari said.
Pitching for alternative fuel such as ethanol, methanol, bio-diesel, bio-CNG and electric, to address the fuel price hike issue, he said, “India is importing petrol and diesel worth Rs 8 lakh crore and long-term efforts are being taken to bring the expenditure down.”
“To do this we need to move towards alternative fuels,” Gadkari said.
He assured that within six months, several automobile companies will bring vehicles that can run on these alternative fuels which are cheaper than crude oils.