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

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Published: June 5, 2018 9:35:35 AM

Petrol prices today: Petrol prices were slashed for the seventh consecutive day across Delhi, Kolkata, Mumbai and Chennai on Tuesday.

Notably, the prices were slashed by 13 paise to Rs 77.83 in Delhi on Tuesday.

Petrol prices today: Petrol prices were cut for the seventh consecutive day across Delhi, Kolkata, Mumbai and Chennai on Tuesday. Notably, the prices were slashed by 13 paise to  in Delhi and Kolkata to Rs 77.83 and Rs 80.47 respectively. Petrol prices were reduced by 12 paise in Mumbai to Rs 85.65; and by 14 paise in Chennai to Rs 80.8. In the last seven days, petrol prices have been lowered by 60 paise per litre in Delhi, 59 paise in Mumbai and Kolkata and 63 paise per litre in Chennai, data from IOC website showed. Yesterday too, the prices were slashed by up to 15 paise in the major metros. 

However, the slash in prices comes after 16 consecutive days of hike following the Karnataka election. Petrol prices had risen by more than Rs 3.7 in the four metros, following the constant hike during the period of 16 days after the polls.

Yesterday, 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 government 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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