Marginal cut in fuel prices bring partial relief to consumers; check out rates here

Consumers have a reason to rejoice, as fuel prices across the country witnessed yet another reduction on Sunday. Notably, the petrol is being sold at Rs 81.74 per litre in Delhi and Rs 87.21 per litre in Mumbai. Diesel is being retailed at Rs 75.19 per litre and Rs 78.82 per litre in Delhi and Mumbai respectively.

The petrol prices were slashed by Rs 0.25 in Delhi and Mumbai. A reduction was also witnessed in diesel prices by Rs 0.17 and Rs 0.18 respectively.

The news agency ANI quoted, “Petrol and diesel prices in #Delhi are Rs 81.74 per litre (decrease by Rs 0.25) and Rs 75.19 per litre (decrease by Rs 0.17), respectively. Petrol & diesel prices in #Mumbai are Rs 87.21 per litre (decrease by Rs 0.25) and Rs 78.82 per litre (decrease by Rs 0.18), respectively.”

Fuel prices have been soaring since the past few months in the country. On a daily basis, the decline in petrol and diesel prices commenced on Thursday. On Saturday, the petrol price in Delhi was revised to Rs 81.99 per litre after a decrease of 39 paise, while that in Mumbai was Rs 87.46 per litre after a 38 paise reduction.

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 only second cut in excise duty of Rs 1.50 per litre and state-owned fuel retailers providing a Re 1 per litre subsidy came into effect. 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 costs Rs 87.46 per litre in Mumbai, Rs 81.99 per litre in Delhi