Petrol Price Cut By 40 Paise Per Litre In Delhi, Diesel Rate Slashed: 5 Things To Know
Fuel prices witnessed a further cut on Sunday across the four metro cities. The oil marketing companies (OMCs) slashed rates of petrol and diesel by 40 paise per litre and 33 paise per litre, respectively, in Delhi. In the national capital, petrol was sold at Rs. 80.05 per litre on Sunday, according to Indian Oil Corporation (IOC). Petrol rates in Mumbai, Kolkata and Chennai were decreased to Rs 85.54 per litre, Rs. 81.92 per litre and Rs. 83.18 per litre respectively, with effect from 6 am on Sunday.
Diesel prices stood at Rs 74.05 per litre, Rs.77.61 per litre, Rs 75.90 per litre and Rs. 78.29 per litre in Delhi, Mumbai, Kolkata and Chennai respectively on Sunday.
Here are 5 things to know about petrol, diesel prices on Sunday:
1. The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of country's requirement is met through imports
2. The recent reduction in fuel rates are a result of falling global crude oil prices and the rupee's appreciation against the US dollar. Prices are expected to soften further in the coming days, reported news agency IANS (Indo Asian News Agency).
3. On October 4, the Central government announced a cut of Rs. 2.50 a litre each for petrol and diesel and urged state governments to match the reduction to provide relief from high fuel prices. Â After the central government's decision, several states followed the suit.Â
4. Last Monday, all petrol pumps along with linked Compressed Natural Gas (CNG) dispensing units across the national capital were shut in protest against the Delhi government's refusal to cut Value Added Tax (VAT) on petrol and diesel.Â
5. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis. Government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly.
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