Petrol, diesel prices in Mumbai fall for sixth consecutive day

Irving Hamilton
October 24, 2018

Earlier this month on October 5, the Central government reduced fuel prices by Rs 2.50 by decreasing excise duty on both petrol and diesel by Rs.1.50 and asking oil PSU's to further subsidise prices by Rs 1.

In what could bring respite to citizens, fuel prices witnessed reduction on Tuesday.

The price of fuel in Mumbai dipped once again on Tuesday, with the final drop being Rs 1.50 and 90 paise for petrol and diesel respectively in the past six days.

The price cut follows worldwide oil prices trading near the lowest level in a month on a bigger-than-expected gain in American stockpiles. Diesel has experienced a decline in the last week as well, with the prices in Mumbai falling from Rs 79.38 to Rs 78.46 as on October 23, 2018 - a Rs 0.92 drop.

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On Monday, petrol pumps were shut across Delhi in protest against the Kejriwal-government's refused to cut VAT/sales tax on petrol and diesel.

Delhi government, however, did not announce any additional cut. This came down to Rs 81.50 per litre for petrol and Rs 72.95 in case of diesel.

The BJP-government at the centre had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by Rs 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October a year ago by Rs 2 a litre.

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