Petrol, diesel prices cut again on softer crude

Irving Hamilton
October 20, 2018

The petrol price in Delhi was revised to Rs 81.99 per litre after a decrease of 39 paise, while that in Mumbai was Rs 87.46 per litre after a 38 paise reduction.

On Wednesday, the petrol and diesel were sold at Rs 82.38 per litre after a decrease of 10 paise and diesel for Rs 75.48 per litre in Delhi after a decrease of Rs 0.24 respectively.

In the two other metro cities, nearly the same cut was seen. Oil marketing companies (OMCs) have cut the fuel rates for the third straight day as the prices hit record levels in the past. "Petrol & diesel prices in #Mumbai are Rs 87.46 per litre (decrease by Rs 0.38) and Rs 79.00 per litre (decrease by Rs 0.13), respectively".

On Friday the prices of both petrol and diesel across the country decreased. Meanwhile on Thursday, the price of petrol was down by about 21 paise.

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Globally, oil prices rose on Friday on signs of surging demand in China, the world's second largest oil consumer, although prices were headed for a second weekly decline on swelling USA inventories and concern that trade wars were curbing economic activity, reported news agency Reuters. In Mumbai, petrol had hit a peak of Rs 91.34 hit on October 4 and diesel was sold at a record high of Rs 80.10.

The rates were reduced by a minimum Rs 2.50 per litre across the country on October 5, when the government cut excise duty on petrol and diesel by Rs 1.50 a litre and asked oil PSUs to subsidise the fuels by another Re 1 a litre. This is the first time after the announcement that the prices have come down.

Meanwhile, all petrol and CNG (Compressed Natural Gas) pumps in the national capital will remain closed on October 22 as Delhi Petrol Dealers Association (DPDA) has chose to go on a strike.

The dealers have called for a protest after Delhi government refused to decrease Value Added Tax (VAT) on petrol and diesel.

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