Petrol, diesel prices down for second consecutive day

Mumbai : In a Dussehra relief for consumers, state-run oil marketing companies (OMCs) cut the prices of key domestic transportation fuels — petrol and diesel — for the second consecutive day on Friday.

The prices of petrol and diesel were lowered in the national capital by 24 and 10 paise respectively.

According to the IndianOil Corp data, petrol was priced at Rs 82.38 per litre in the national capital, down from Rs 82.62 on Thursday.

As per the data, the key transportation fuel was priced at Rs 87.84 in Mumbai, Rs 84.21 in Kolkata and Rs 85.63 per litre in Chennai, down 25 paise from its previous rate.

As per the country’s pricing mechanism, the domestic fuel prices depend on international fuel prices on a 15-day average besides the value of the rupee.

Prices vary from region to region due to local taxes as the product is excluded from the GST regime. Delhi has the lowest tax rate among the four metro cities.

In tandem with petrol, the cost of diesel declined on Friday across all metros in a range of 10-11 paise.

On Friday, the diesel price in Mumbai was at Rs 79.13 from its previous price of 79.24 on Thursday.

Prices of diesel in Delhi, Kolkata and Chennai declined to Rs 75.48, Rs 77.33 and Rs 79.82 a litre from the Thursday’s Rs 75.58, Rs 77.43 and Rs 79.93 respectively.

The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a strengthened rupee against the US dollar.

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 US dollar.

On a daily basis, the decline in petrol and diesel prices commenced on Thursday nearly a fortnight after Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies (OMCs) had been mandated to reduce prices of petrol and diesel by Re 1 a litre. This is the first time after the announcement that the prices have come down.

—IANS

Also read-

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Related Stories

Petrol, diesel hit fresh high, rise for 9th straight day

0
New Delhi : Prices of petrol and diesel, already at unprecedented levels in the country, rose for the ninth consecutive day on Monday. In the...

With 90% tax on petrol & diesel, bringing them under GST impractical: NITI Aayog...

0
By Vishav, New Delhi : Petroleum is the taxation milch cow for the central and the state governments and it is unlikely to be brought...

Petrol-diesel prices down 9 paise on lower crude cost, stronger rupee

0
New Delhi : Lower global crude oil cost, along with a strengthened rupee, pulled the prices of key transportation fuel -- petrol and diesel...

Government has no role in fuel price fixation: Oil Minister

0
New Delhi : With opposition parties mocking the one paisa cut in the prices of petroleum products, Petroleum Minister Dharmendra Pradhan on Wednesday said...

Islamic Microfinance: A unique model for sustainable development

By Grace Mubashir Development is the goal of all societies whereas the definition of development is relative. Development is the progress in the social and...

India having lowest Per Capita Income among the G-20; Size of economy misleading

By Dr. Javed Jamil Our leaders are not tired of repeatedly keeping boasting about India achieving the “distinction” of becoming the fifth largest economy of...

Has the Indian Rupee come for the worse?

By Haider Abbas The state of Indian Rupee ‘nose diving’ is terms of US Dollar is a daily news. The rupee slide is normal, and...

Issue of Quds not only Islamic matter but global, humanitarian issue: Iranian Ambassador to India

Ambassador of the Islamic Republic of Iran to New Delhi Iraj Elahi has said that today, the issue of Quds is not only an...

Maeeshat Foundation hosts brainstorming sessions to help religious leaders improve business acumen

The 'Madina Basket' contains different commodities, such as attar (non-alcoholic perfumes), dates, caps and handkerchiefs for religious leaders. By Muslim Mirror Network Malda, West Bengal: The...