Petrol prices continued a downward trend for the fifth consecutive day on Tuesday, while diesel prices remained unchanged across the four metro cities. The price of petrol was lowered by 5 paise per litre in the four metros – Delhi, Mumbai, Kolkata and Chennai on Tuesday, compared with the previous day’s rates, according to data from Indian Oil Corporation.
Currently, the prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis, and any revisions are implemented at fuel stations with effect from 6 am.
With effect from 6 am on Tuesday, the price of petrol was revised to Rs 72.60 per litre in Delhi from Rs 72.65 per litre the previous day, data from Indian Oil Corporation showed. The price of diesel was kept unchanged at Rs 65.75 per litre in the national capital.
In Mumbai, the price of petrol stood at Rs 78.28 per litre and diesel at Rs 68.96 per litre on Tuesday, according to notifications from Indian Oil Corporation. The petrol and diesel rates were Rs 78.33 per litre and Rs 68.96 per litre in the city the previous day.
Here is looking at the price difference of diesel and petrol in four metro cities on November 05.
In September, diesel prices saw first reduction since mid-March when Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) froze rates for 82 days to adjust a record hike in excise duty on auto fuels against falling benchmark cost.
Diesel rates had gone up by Rs 12.55 a litre between June 7, when oil firms resumed revising prices in line with cost, and July 25. Diesel price has remained unchanged in the country since July 25, except in Delhi where a reduction in VAT lowered the rate by Rs 8.38 per litre. Petrol price went up by Rs 9.17 per litre between June 7 and June 29 before hitting a pause. The revision cycle again started on August 16 and rates have gone up by Rs 1.51 since then. In all, the petrol price has risen by Rs 10.68 since June 7.
State-owned fuel retailers revise rates of petrol and diesel daily based on the average price of benchmark fuel in the preceding 15 days. ( Zee News )