Petrol price cut by 7 paise, diesel by 5 paisehttps://indianexpress.com/article/india/petrol-price-cut-by-7-paise-diesel-by-5-paise-5199580/

Petrol price cut by 7 paise, diesel by 5 paise

Petrol in Delhi now costs Rs 78.29 a litre, down from Rs 78.35. Thursday witnessed a similar dip in fuel prices as petrol and diesel prices were cut by 7 paise and 5 paise respectively.

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The automobile fuel prices had reached a record high on Tuesday. (Representational Image)

In a third reduction on the back of softening international oil rates, petrol price was on Friday cut by 7 paise a litre and diesel by 5 paise a litre. Petrol in Delhi now costs Rs 78.29 a litre, down from Rs 78.35. Thursday witnessed a similar dip in fuel prices as petrol and diesel prices were cut by 7 paise and 5 paise respectively.

Diesel rates have been cut to Rs 69.20 per litre from Rs 69.25. This is the third reduction in rates coming after a 16-day relentless price hike. The increase in fuel prices came after lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls.

READ | To cut fuel rates, Government works on ONGC plan

Petrol and diesel prices were on Wednesday cut by 1 paisa a litre each. That reduction followed rates touching an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 for diesel in Delhi on Tuesday. Prices vary from state-to-state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.

The petrol price in Kolkata will be Rs 80.92, cheaper than Thursday’s Rs 80.98 per litre. In Mumbai, petrol price will be Rs 86.10 per litre, down from Thursday’s Rs 86.16. Chennai will have petrol at Rs 81.28 per litre, down by 7 paise from yesterday’s Rs 81.35.

In the 16 consecutive increases since May 14, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38. The automobile fuel prices had reached a record high on Tuesday.

Meanwhile, the Centre is working out a solution with the Oil & Natural Gas Corporation (ONGC) to announce a cut in diesel and petrol prices. A meeting was held late Thursday, sources said, at Petroleum Minister Dharmendra Pradhan’s residence.

Asked when the government could decide on the cut, an official told The Indian Express that the announcement could come any time.

On May 24, The Indian Express had reported that the government is working on getting ONGC to shoulder the burden of rising fuel prices as it is reluctant to cut the excise duty levied on petrol and diesel.