Cars in India | Autoportal.com

Fuel Prices Fall after 16 Straight Days by just 1 Paisa

Fuel Prices Fall after 16 Straight Days by just 1 Paisa

Snapshot: After 16 days of consecutive price hikes, country's top refiner and fuel retailer, Indian Oil Corp cut fuel prices across India.

- Comments    |    Write Comment

After 16 days of consecutive price hikes, country's top refiner and fuel retailer, Indian Oil Corp  cut fuel prices across India. State-owned oil companies announced reduction in petrol price by 60 paise to Rs 77.83 a litre and diesel by 56 paise to Rs 68.75 a litre in Delhi. While just within hours of the announcement, they revised the price cut to just 1 paisa a litre each, where these fuel prices vary from state to state due to local taxes. In Delhi, now petrol has been priced at Rs 78.42 per litre and diesel Rs 69.30. 

A senior official of Indian Oil Corp (IOC), said, "The reduction was supposed to be 1 paisa but due to a clerical error the price prevalent on May 25 was communicated as today's price." Prices vary from state to state depending on local sales tax or VAT and Delhi has the cheapest price among all metros Cities and most state capitals.

Click here to view New Cars!
On Friday, domestic petrol and diesel prices touched a record high, where the companies have hiked the  prices of petrol and diesel by Rs 3.80 and Rs 3.38 a litre, respectively in the last 16 days and after freezing the price for about 19 days ahead of Karnataka elections. Petrol and diesel are being sold at record prices in the country, prompting demand for duty cuts to cushion motorists, which has been resisted by the government and about that the Centre has said it was seeking a long-term solution to the price issue.

Also Read: Petrol Prices Touch All-Time High
In a move towards finding a long-term solution, oil ministry headed by Dharmendra Pradhan gave an in-principle nod to the Indian Commodity Exchange (ICEX) to launch futures on petrol and diesel, yesterday. 

In global markets, oil prices fell to about $75 a barrel as Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014. Petrol and diesel prices in India are linked to Singapore gasoline prices GL95-SIN and Arab Gulf diesel prices GO-AG, which mostly track movements in crude oil prices LCOc1.

Related car news

  • Fuel Prices Fall For 19th Straight Day; Petrol Costs Rs 78.65 Per Litre in Delhi 06-11-2018 Autoportal Team Fuel Prices Fall For 19th Straight Day; Petrol Costs Rs 78.6...
  • Petrol and Diesel Prices slashed by Rs 2.50 04-10-2018 Davender Soni Petrol and Diesel Prices slashed by Rs 2.50
  • Petrol and Diesel prices hiked by 42 paise & Rs. 1.03, Respectively 16-01-2017 Davender Soni Petrol and Diesel prices hiked by 42 paise & Rs. 1.03, Respe...
  • Gujarat announces 4% reduction in VAT on diesel and petrol 10-10-2017 Autoportal Team Gujarat announces 4% reduction in VAT on diesel and petrol
  • Petrol Prices Reduced By ?1 per litre 15-10-2014 Petrol Prices Reduced By ?1 per litre
  • Petrol and Diesel Prices Are Likely To Increase 17-09-2019 Autoportal Team Petrol and Diesel Prices Likely To Hike Sharply in the Next...