Fuel price drop: Price of petrol witness marginal reduction, diesel remains stagnant

In yet another respite to the vehicle users, the prices of fuel saw a fall for the seventh straight day on Wednesday. Notably, the petrol price in Delhi was revised to Rs 81.25 per litre, while that in Mumbai was Rs 86.73 per litre.

Price of diesel, on the other hand, remained stagnant and was pegged at Rs 74.85 per litre in Delhi and Rs 78.46 per litre in Mumbai. The petrol prices were slashed by Rs 0.09 in Delhi and Mumbai.

The news agency ANI quoted, “Petrol & diesel prices in #Delhi today are Rs 81.25 per litre (decrease by Rs 0.09) and Rs 74.85 per litre, respectively. Petrol & diesel prices in #Mumbai today are Rs 86.73 per litre (decrease by Rs 0.08) and Rs 78.46 per litre, respectively.”

Fuel prices have been soaring since the past few months in the country, burning a hole in the common commuter’s pocket. Importantly, the reduction in fuel prices comes in the wake of Prime Minister Narendra Modi’s meeting with the top executives of global and Indian oil and gas companies on Monday.

On October 4, fuel prices were cut by a minimum Rs 2.50. On October 5 when the government’s cut in excise duty of Rs 1.50 per litre was implemented, then state-owned fuel retailers provided a Re 1 per litre subsidy. In BJP-ruled states, the reduction was higher as they matched the cut with a similar reduction in local sales tax or VAT.

Delhi, which did not cut VAT on fuel, still has the cheapest fuel among all the metros and bulk of state capital as it levies lower taxes. On the other side, Mumbai despite reducing VAT on petrol still has the highest priced fuel.

Also Read: Fuel price drop: Petrol price down by Rs 1.49 in Delhi, Rs 1.48 in Mumbai