Fuel rates on Thursday, that is 17 September, were reduced after a break. Petrol prices were cut by 15 paise to Rs 81.40 in New Delhi, Rs 82.92 in Kolkata, Rs 88.07 in Mumbai and Rs 84.44 in Chennai. Diesel prices were reduced by 19 paise to Rs 72.37 in New Delhi, Rs 75.87 in Kolkata, Rs 78.85 in Mumbai and Rs 77.73 in Chennai.
State-owned oil marketing companies, IOCL, HPCL and BPCL revise retail rates of these to fuels on a daily basis at 6 am.
After stagnancy and then a surge, petrol rates were cut for the first time in six months on 10 September. Its rates went up by Rs 9.17 per litre between 7 June and 29 June before hitting a pause. The revision cycle again started on 16 August and rates have gone up by Rs 1.51 since then. In all, the petrol prices have increased by Rs 10.68 since 7 June.
Diesel rates had gone up by Rs 12.55 a litre between 7 June and 25 July, when oil firms resumed revising prices in line with cost after an 82-day freeze in rates to adjust a record hike in excise duty on auto fuels against falling benchmark cost.
The decline in fuel rates in India comes amid easing international crude oil prices due to lower demand after the coronavirus outbreak. These are adjusted based on changes in global oil rates and forex value of the rupee.