Petrol price today: Fuel rates slashed for 8th consecutive day; check latest prices here

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Updated: June 6, 2018 9:30:35 AM

Petrol price today: Petrol prices were cut for the eighth consecutive day across Delhi, Kolkata, Mumbai and Chennai on Wednesday.

Petrol prices were slashed by 11 paise to in Delhi to Rs 77.72 on Wednesday.

Petrol price today: Petrol prices were cut for the eighth consecutive day across Delhi, Kolkata, Mumbai and Chennai on Wednesday. Notably, the prices were slashed by 11 paise to in Delhi to Rs 77.72 and 10 paise in Kolkata to Rs 80.37. Petrol prices were reduced by 11 paise in Mumbai to Rs 85.54; and by 12 paise in Chennai to Rs 80.68. In the last eight days, petrol prices have been lowered by 71 paise per litre in Delhi, 70 paise in Mumbai, 69 paise in Kolkata and 75 paise per litre in Chennai, data from IOC website showed. Yesterday too, the prices were slashed by up to 14 paise in the major metros.

However, the slash in prices comes after 16 consecutive days of hike following the Karnataka polls. Notably, in the 16 days of hike, petrol prices had risen by more than Rs 3.7 in the four metros. Earlier this week, oil minister Dharmendra Pradhan ruled out daily price review of petrol and diesel but said the government was concerned about pinching fuel prices and is working on a long-term solution. “There is no review of daily price mechanism,” he said on the sidelines of the event marking receipt of first LNG cargo from Russia on Monday.

Meanwhile, the US oil prices edged up in early Asian trade on Wednesday to move away from lows hit in the previous session, buoyed after industry data showed a decline in US crude inventories. The price cuts back home come after global easing of crude oil prices. US crude marked its lowest level in nearly two months on Tuesday, after the US government has unofficially asked Saudi Arabia and some other OPEC producers to raise oil output, although it has not requested a specific figure, Reuters reported citing sources.

Back home, the government has said that it is looking at various alternatives to provide relief to the common man. More relief may be on cards, as the government may soon may ask state-run Oil and Natural Gas Corp (ONGC) to bear fuel subsidy to help cut petrol and diesel prices, according to a recent report in The Indian Express. The newspaper also reported a government official as saying that an announcement could come anytime soon.

A government official had earlier told The Indian Express that ONGC’s contribution could pare the required price increase in petrol and diesel by one-third with an additional marginal relief provided by reducing the dealers’ commission by 18 paise per litre on diesel and 23 paise per litre on petrol. Further, ONGC’s burden sharing would provide close to Rs 30,000 crore for this exercise, which is equivalent to a Rs 2-per litre cut in excise duty on both petrol and diesel.

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