Home BUSINESS Petrol, Diesel Prices Cut By 9 Paise; Drops Marginally For 4th Consecutive Day

Petrol, Diesel Prices Cut By 9 Paise; Drops Marginally For 4th Consecutive Day

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New Delhi: Prices of petrol and diesel were down 9 paise on Saturday as rates were revised marginally for the fourth consecutive day, showed data on Indian Oil Corporation Limited’s (IOCL) website.  While a litre of petrol was retailing at Rs 78.20 in New Delhi, diesel price was at Rs 69.11. Despite consecutive rate cuts, petrol price in Mumbai is still retailing above the Rs 86-mark.

Similarly, diesel prices in several areas are above the Rs 74-mark, suggesting that the oil crisis is far from over. It should be noted that the first fuel reduction came after 16 straight hikes, which are part of a daily revision scheme administered by major oil PSUs. During the aforementioned period, petrol became costlier by Rs 3.8 per litre while diesel became costlier by Rs 3.38. In the last four days, only 23 paise has been reduced in case of petrol price; diesel rates have also been reduced marginally.

At present, the government is in talks with various stakeholders to find a pragmatic solution to put an end to high petrol and diesel prices. Earlier, it had held meetings with ONGC to absorb the petroleum rates marginally while several ministers with knowledge on the matter said the government is mulling options to bring fuel under the ambit of GST. While Maharashtra has given its consent to bring fuel under GST, there is no clarity on the same for other states.

Oil Minister Dharmendra Pradhan, in an exclusive interview to TIMES NOW, defended the government earlier, saying that it is not responsible for a rise in global crude oil prices. However, he assured that the government is working on both temporary and permanent measures to keep oil price under check.

On Saturday, the price of petrol was retailing at Rs 78.20/litre in New Delhi; Rs 80.84/litre in Kolkata; Rs 86.01/litre in Mumbai; Rs 81.19 in Chennai and Rs 79.48 in Bengaluru. On the other hand, diesel was retailing at Rs 69.11/litre in the national capital; Rs 71.66/litre in Kolkata; Rs 73.58/litre in Mumbai; Rs 72.97/litre in Chennai and Rs 70.30/litre in Bengaluru.

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