Finally Petrol, diesel prices cut for the first time in 16 days
Indian Oil Corporation slashed the prices of petrol and diesel across the country on Wednesday, after 16 consecutive days of increasing it.
In New Delhi, a litre of petrol cost Rs 77.83 and a litre of diesel Rs 68.75. While customers have to pay Rs 85.65 per litre of petrol and Rs 73.20 for diesel in Mumbai. Petrol prices in Kolkata and Chennai were set at Rs 80.47 and Rs 80.80 per litre, while diesel prices in Kolkata and Chennai were fixed at Rs 71.30 and Rs 72.58, respectively.
State-run oil companies had resumed the dynamic pricing mechanism on May 14 after stable prices for 19 days. Retail prices frozen between April 24 and May 13, when campaigning was on for the Karnataka Assembly elections.
International crude oil prices had risen in the period. While the rupee fell against the United States dollar – both factors make fuel costlier. Oil companies are estimated to have lost about Rs 500 crore because of the price freeze for three weeks.
On Wednesday, oil prices dropped to about $75 a barrel after Saudi Arabia and Russia announced their decision to relax restrictions on supply that had led to an increase in crude prices, Reuters reported.
On May 24, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan had said the Centre is considering bringing petroleum products under the purview of the Goods and Services Tax. Earlier, he had said the Centre is deliberating on an “immediate solution” to control rising fuel prices.
ALSO READ : Nagpur Municipal Corporation to start on-line building plan sanction process soon
