Petrol price today: Petrol prices were cut for the ninth consecutive day across Delhi, Kolkata, Mumbai and Chennai on Thursday.
Petrol price today: Petrol prices were cut for the ninth consecutive day across Delhi, Kolkata, Mumbai and Chennai on Thursday. Notably, the prices were slashed by 9 paise in Delhi and Kolkata to Rs 77.63 and 80.28 respectively. In Mumbai and Chennai too the prices were reduced by 9 paise to Rs 85.45 and Rs 80.59 respectively. In the last nine days, petrol prices have been lowered by 80 paise per litre in Delhi, 79 paise in Mumbai, 78 paise in Kolkata and 84 paise per litre in Chennai, data from IOC website showed. Yesterday too, the prices were slashed by up to 12 paise in the major metros.
The continuing slash in prices comes after 16 consecutive days of hike following the Karnataka polls, which ended earlier in May. From May 14th onward, petrol prices were hiked continuously till May 29th, following which there was a 1 paisa reduction on May 30th. Following May 30th, there have been more meaningful cuts in petrol prices across the country, with today being the ninth consecutive day of a price slash. Notably, in the 16 days of hike, petrol prices zoomed up by more than Rs 3.7 in the major 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.
The government is mulling various alternatives to provide relief to the common, including asking state-run ONGC to share a part of the burden. 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.