Petrol Price today: In Chennai too, petrol and diesel are retailing at Rs 86.10 per litre and Rs 89.04 per litre, respectively, same as the Tuesday's price. In Kolkata, petrol is being sold today at Rs 84.65 per litre and diesel at Rs 77.35 per litre.
Petrol price Today: Fuel prices remained unchanged on Wednesday with diesel is retailing at Rs 75.69 per litre while a litre of petrol is being sold at Rs 82.83 in national Capital New Delhi. In Mumbai, petrol can be availed at a price of Rs Rs 88.29 per litre and diesel at Rs 79.35 per litre in Mumbai, no increase from Tuesday’s price.
Since mid-August, petrol and diesel prices have been rising, due to various reasons including rapid fall in rupee, high excise duty and rising Brent crude oil rates. Oil minister Dharmendra Pradhan on Tuesday that the oil marketing firms fix rates of petroleum products based on the international benchmark and the government has no saying in the pricing of these products, which had been deregulated.
Meanwhile, In Chennai too, petrol and diesel are retailing at Rs 86.10 per litre and Rs 89.04 per litre, respectively, same as the Tuesday’s price. In Kolkata, petrol is being sold today at Rs 84.65 per litre and diesel at Rs 77.35 per litre.
On Tuesday, petrol prices were hiked in Chennai and Kolkata by 22 paise and 11 paise to Rs 86.10 per litre and Rs 84.76 per litre, respectively, from Monday’s rates. In Delhi and Mumbai, there was an increase of 11 paise each city to Rs 82.83 per litre and Rs 88.29, respectively.
Modi government had cut fuel rates through excise duty reduction and oil company subsidy with effect from October 5, in wake of rising petrol and diesel prices. The government cut excise duty by Rs 1.50 per litre and directed state-run oil marketing firms to subsidise fuel by Rs 1 per litre, which resulted in a combined reduction of Rs 2.50 per litre.
However, the entire Rs 2.5 a litre relief on diesel prices, including Re 1 per litre loss absorption by OMCs, got erased on Monday, October 15, after 10 consecutive increases, due to elevated crude oil prices and the continued fall in rupee.
The rupee has witnessed its worst fall in 2018 in over five years, falling about 15% from its 63/USD level in January 2018 to above 74/USD level in October. This year, the Indian rupee at the current levels is the worst performer among Asian currencies and is only ahead of the Argentine Peso, Turkish Lira and South African Rand. Breaking all records, the rupee breached the 74/USD mark for the first time on October 5 and hit a record low of 74.4825 against the greenback on October 11.