Petrol, diesel prices cut again on softer crude

NEW DELHI: Petrol and diesel rates were further reduced on Saturday amid a reduction in global crude oil prices. Oil marketing companies (OMCs) have cut the fuel rates for the third straight day as the prices hit record levels in the past.

A litre of petrol in Delhi will now cost Rs 81.99, 39 paise less from Friday's rate, while diesel will be sold 12 paise lower at Rs 75.36 per litre.

In Mumbai, petrol will cost Rs 87.46 per litre after a 38 paise cut, and diesel rates stood at Rs 79 per litre, 13 paise less.

Diesel price had risen by Rs 2.74 per litre since October 5 to more than wipe away the excise duty cut and oil firm subsidy. Petrol price had during this period risen by Rs 1.33 a litre.

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.
In Mumbai, petrol had hit a peak of Rs 91.34 hit on October 4 and diesel was sold at a record high of Rs 80.10.
The government had reduced excise duty by Rs 1.50 per litre and asked state-run oil firms to subsidise fuel by Re 1.
The cut in excise duty on October 5, only the second in four years of BJP-led NDA rule, will dent the government revenues by Rs 10,500 crore and was aimed at cooling retail prices that had shot up to an all-time high.

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