A further much-needed relief on fuel prices was provided to consumers of fuel across the country during the festive week. On Saturday, petrol prices per litre were revised to Rs 81.99 in Delhi, a 39 paise drop while rates in Mumbai were cut by 38 paise to Rs 87.48 per litre. In Chennai, it was priced at Rs 85.22/litre after a 41 paise cut- the maximum for the day across metro cities. In Kolkata, it was being sold at Rs 83.83 per litre, 38 paise lower.
Diesel rates were down by 12 paise in New Delhi to Rs 75.36 per litre while it was being sold at Rs 79 per litre in Mumbai, 13 paise lower than Friday. It was revised to Rs 84.21 in Kolkata and Rs 85.63 in Chennai.
Retail rates of these petroleum products in India are set at 6 am every day based on international crude oil prices. In the months of August and September, fuel rates soared to new all-time highs, pressurizing the expenses of daily commuters. Some state governments came forward to reduce the burden of the consumers by reducing the state-based taxes on these products and on 4 October, the union government announced a reduction of Rs 2.50 per litre on petrol, as well as diesel.
In the international markets, the oil prices experienced its second weekly fall due to swelling US inventories and concerns that the trade wars would curb economic activities.