Petrol and Diesel prices today: Oil Marketing Companies further cut petrol prices by 17 paise each

As the international crude prices continue to fall due to the oversupply, the Oil Marketing Companies (OEMs) further slit the fuel prices in the country. In Delhi, the petrol prices have been cut by 17 paise and diesel by 16 paise. Thus, a litre petrol is being sold at Rs 77.89 whereas diesel costs Rs 75.28 per litre.

In Mumbai too, the rates of petrol and diesel prices have been decreased 17 paise each with a litre of petrol being sold at Rs 83.40 and diesel at Rs 76.05.

Also read: http://www.catchnews.com/business-economy-news/oil-falls-below-70-per-barrel-for-the-first-time-after-april-as-u-s-crude-enters-bear-market-139686.html

A similar decline can be seen in other metro cities of the country. A litre of petrol is being sold at Rs 80.07 whereas diesel at Rs 74.68. In Bangaluru, petrol and diesel are being sold at Rs 78.78 and Rs 73.21, respectively. In Chennai, petrol and diesel are being retailed at Rs 81.18 and Rs 76.98 respectively.

A day after Diwali, the petrol and diesel prices were slashed by 0.21 paisa and 0.18 paisa in the national capital, whereas in Mumbai the fuel rate was cut by 0.20 paisa and 0.19 paisa, respectively. Including today’s cut, fuel prices have come down by almost 10 per cent after witnessing a relentless hike in October .

On October 4, petrol prices touched an all-time high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai while diesel was at Rs 75.45 in Delhi and Rs 80.10 in Mumbai. Between mid-August and early October, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73. However, prices dipped soon after the government intervened and relaxed the excise duty on fuel which was followed by several state governments reducing the similar amount on its sales tax or VAT.