Fuel prices have been on a decline in recent times, oil marketing firms slashing petrol prices by over Rs 3 in national capital Delhi in the last two weeks alone. One litre of petrol is now retailing at Rs 79.55, down by Rs 3.28 from October 17th high of Rs 82.83. In Mumbai, petrol prices have dipped by Rs 3.25 in the last fortnight alone, and selling for Rs 85.04 today. In case of Chennai, the overall relief works out to Rs 3.45. One litre of petrol is now retailing at Rs 82.65 in the city. In case of Kolkata, petrol prices have fallen by Rs 3.22. Petrol prices remained unchanged in the major metros on Wednesday. The latest prices are applicable from 6 am this morning.
Providing respite to consumers, oil marketing companies (OMCs) slashed the prices of petrol and diesel for the 13th straight day on Tuesday amid softening global crude prices. While petrol saw a decline of 20-21 paise across all the metro cities, diesel also become cheaper by 7-8 paise per litre yesterday.
Also read: Share market LIVE updates: Sensex opens 150 points higher; Nifty above 10,200; Coal India down 4%
The political slugfest over rising petrol and diesel prices continued last week, with former prime minister Manmohan Singh criticising the Narendra Modi-led administration over rising fuel prices. “Petrol and diesel prices are at historic high despite fall in international crude oil prices because Modi Govt chose to levy excessive excise duties instead of passing on benefit of low prices to Indians”, Manmohan Singh said during Shashi Tharoor’s book ‘The Paradoxical Prime Minister’ launch event in New Delhi on Friday. Meanwhile, during Shashi Tharoor’s book ‘The Paradoxical Prime Minister’ launch event in New Delhi on Friday.
Meanwhile, oil prices dropped more than 1 percent on Tuesday on signs of rising supply and concern that global economic growth and demand for fuel will fall victim to the U.S.-China trade war, Reuters reported. Brent crude futures fell $1.43, or 1.9 percent, to settle at $75.91 a barrel. U.S. West Texas Intermediate (WTI) crude futures fell 86 cents to settle at $66.18 a barrel, a 1.3 percent drop, said the agency report.