Sigh of relief for citizens as fuel prices witness further reduction

Fuel prices fall for third consecutive day petrol in Delhi settles at Rs 81.99 diesel at Rs 79 in Mumbai

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. As of Saturday October 20, petrol is priced at ₹ 81.99 per litre in New Delhi, ₹ 87.46 per litre in Mumbai, ₹ 83.83 per litre in Kolkata, and ₹ 85.22 per litre in Chennai.

Sanjay Lath, secretary of Utkal Petroleum Dealers' Association said, "Usually there was a difference of 10 per cent in the prices of diesel and petrol". The strike has been called in protest against the Delhi government's refusal to cut VAT (Value Added Tax) on petrol and diesel. In Mumbai, petrol is sold for Rs 87.21 per litre and diesel at Rs 78.82. Diesel price has now been revised to Rs 75.19 per litre with a dip of Rs 0.17. The price of diesel per litre was slashed by a mere 35 paisa yesterday. The domestic fuel prices depend upon the global fuel prices on a 15-day average and the value of the Indian rupee.

Lath further informed that this is mainly due to tax difference as the price of diesel is 13 paisa higher in Odisha while it is 13 paisa cheaper in New Delhi.

Accordingly, the Brent crude was priced below $80 per barrel, which in recent past traded around $85 a barrel, while the rupee closed at 73.50 to a greenback from its previous close of 73.61 to a USA dollar. Oil marketing companies (OMCs) have cut the fuel rates for the third straight day as the prices hit record levels in the past. The petrol and diesel prices deceased by 0.39 paisa per litre and 0.12 paisa per litre, respectively in Delhi.

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The fuel prices have seen a continuous hike across the country from past few months.

After the Centre cut excise duty by Rs 1.50 per litre and asked PSU oil firms to subsidise fuel by Re 1, Maharashtra and Gujarat governments were among the first to announce a matching Rs 2.50 cut.

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 chose to go on a strike.

In other States, VAT on petrol in higher than diesel.

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