Petrol Rates Cut For The 2nd Time In 6 Months; Diesel Falls Below Rs 73 In Delhi

On Saturday, petrol rates were cut for the second time in six months by state-owned oil retailers while diesel price in Delhi fell below Rs 73 a litre mark.

For the day, petrol prices were cut by 13 paise per litre to Rs 81.86 in New Delhi, Rs 83.36 in Kolkata, Rs 88.51 in Mumbai and Rs 84.85 in Chennai.

Diesel rates dropped by 12 paise per litre to Rs 72.93 in New Delhi, Rs 76.43 in Kolkata, Rs 79.45 in Mumbai and Rs 78.26 in Chennai.

The first reduction in petrol rates in six months time was seen on 10 September when rates were reduced by 9 paise a litre.

Diesel prices, on the other hand, have fallen by 63 paise since its first reduction since mid-March on 3 September. This long-distance vehicle fuel 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.

Petrol price 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.

State-owned fuel retailers revise petrol and diesel prices everyday based on the average price of benchmark fuel in the preceding 15 days.