Relief as fuel prices continue to fall; Petrol below Rs 80-mark in Mumbai

Petrol prices declined to Rs 79.12 (decrease by 50 paise) per litre in Mumbai.

The prices of key transport fuels -- petrol and diesel -- continued to dive significantly on Wednesday thanks to lower global crude oil prices.

Petrol price decreased by 50 -paise across major cities while diesel too continued the downward trend.

According to the Indian Oil Corp data, petrol was priced at Rs 73.57 (a fall of 50 paise) per litre in the national capital on Wednesday.

Petrol prices declined to Rs 79.12 (a fall of 50 paise) per litre in Mumbai, Rs 75.57 (a fall of 50 paise) in Kolkata and Rs 76.35 (a fall of 50 paise) in Chennai on Wednesday.

The price of diesel too continued to follow the downward trend.

The price of diesel in Mumbai was down at Rs 71.71 (a fall of 40 paise) per litre. Similarly, prices of diesel in Delhi, Kolkata and Chennai declined to Rs 68.49 (a fall of 50 paise) per litre, Rs 70.34 (a fall of 50 paise) and Rs 72.34 (a fall of 12 paise) a litre respectively.

As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.

Brent crude prices on Monday closed at $59.2 per barrel, a 13-month low

Prices vary from region to region due to local taxes, as the products are excluded from the GST regime. Delhi has the lowest tax rate among the four metros.

The United States recently softened its stand on Iran's sanctions and gave its nod to eight countries to continue importing oil from Iran temporarily. The list of countries includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.

Earlier last month, the Centre announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies had been mandated to reduce the prices of petrol and diesel by Re 1 a litre.

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Fuel continues to slide; petrol dips by at least 40 paise in metro cities

After the revision of the prices, petrol in Delhi is being sold at Rs 75. 97 per litre, while diesel costs Rs 70.97 per litre.

In a relief to the consumers, fuel prices were again slashed up to 43 paise per litre on Thursday, owing to a reduction in the rates of crude oil in the global market.

The petrol price was reduced by 40 paise to 43 paise per litre in all four metro cities, while the rate of diesel has witnessed a dip of 30 to 48 paise per litre.

After the revision of the prices, petrol in Delhi is being sold at Rs 75. 97 per litre, while diesel costs Rs 70.97 per litre. In Mumbai, petrol is being retailed at Rs 81. 50 per litre and diesel at Rs 74.34 litre.

Similarly in Chennai and Kolkata petrol after the revision of price costs Rs 78.88 per litre and Rs 79.31 per litre respectively.

The dip in fuel price come after the United States recently softened its stand on Iran's sanctions and allowed eight countries to continue importing oil from Iran temporarily. 

These countries are India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.... Read More

Business Standard

Petrol, diesel prices remain unchanged after dropping for consecutive days

According to the Indian Oil Corp data, petrol was priced at Rs 76.38 per litre in the national capital on Wednesday.

The prices of key transport fuels -- petrol and diesel -- remained unchanged on Wednesday after continuing to fall for consecutive days thanks to lower global crude oil prices.

According to the Indian Oil Corp data, petrol was priced at Rs 76.38 per litre in the national capital on Wednesday.

Petrol prices declined to Rs 81.90 per litre in Mumbai, Rs 78.33 in Kolkata and Rs 79.31 in Chennai on Wednesday.

In tandem with petrol, the cost of diesel too remained unchanged on Wednesday across the four metros.

The price of diesel in Mumbai was down at Rs 74.66 per litre. Similarly, prices of diesel in Delhi, Kolkata and Chennai declined to Rs 71.27 per litre, Rs 73.13 and Rs 75.31 a litre respectively.

As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.

Prices vary from region to region due to local taxes, as the products are excluded from the GST regime. Delhi has the lowest tax rate among the four metros.

The United States recently softened its stand on Iran's sanctions and gave its nod to eight countries to continue importing oil from Iran temporarily. The list of countries includes India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.

Earlier last month, the Centre announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies had been mandated to reduce the prices of petrol and diesel by Re 1 a litre.

Business Standard

Fuel price today: With back to back cuts, petrol falls to Rs 79.18 in Delh

After remaining unchanged on Wednesday, petrol prices have been cut for two consecutive days in Delhi, Mumbai, Chennai and Kolkata.

Oil marketing companies on Friday reduced petrol and diesel prices across the country. While petrol prices were cut by around 18 paise, diesel prices have been reduced by 14 paise.

According to the revised prices issued by Indian Oil, petrol now costs Rs 79.18 in Delhi, Rs 84.68 in Mumbai, Rs 81.08 in Kolkata and Rs 82.26 in Chennai.

After the revision, diesel price has fallen below Rs 78-mark in Chennai. The fuel is being retailed at 77.85 per litre in the city.

In Delhi, Mumbai and Kolkata, diesel now costs Rs 73.64, Rs 77.18 and Rs 75.50, respectively.

Fuel prices are on a downslide since the last few weeks.

After remaining unchanged for a day on Wednesday, petrol prices were reduced by 18 paise across major cities.

Read Full Coverage Fuel Prices

The consecutive cuts in fuel prices came after petrol and diesel prices touched record high levels across the country.

On October 4, petrol had surged to a record high of Rs 84 and diesel had gone up to Rs 75.45 in Delhi.

However, LPG price has continued to surge.

From Thursday, price of non-subsidised LPG cooking gas has gone up by Rs 60 per cylinder in New Delhi and that of subsidised one by a marginal Rs 2.94.

Effectively, the price of a subsidised cylinder will increase to Rs 505.34 from November 1 from Rs 502.40 per cylinder in October.

According to the Indian Oil Corporation, the increase in prices of non-subsidised LPG cylinder is mainly due to changes in international prices and foreign exchange fluctuations.

Business Standard

Fuel prices at record high: Check petrol, diesel rates in top cities today

The surge in fuel prices is largely attributed to the recent rise in crude oil cost and the high excise duty levied on transportation fuel in the country.

Diesel prices touched a fresh peak across metro cities on Tuesday. Petrol prices too went up across the country to inch closer to their all-time mark.

In Delhi, petrol prices went up by 14 paise to Rs 78.05 per litre, according to data from the Indian Oil Corporation. Diesel prices notched up 15 paise to Rs 69.91 per litre.

A similar increase was seen in fuel prices in all other metro cities. In Mumbai and Kolkata, petrol was at Rs 85.47 and Rs 80.98 respectively. In Chennai, it was priced at Rs 81.09.

In Mumbai, Kolkata and Chennai, diesel was priced at Rs 73.90, Rs 72.46 and Rs 73.54 per litre respectively against the previous levels of Rs 73.74, Rs 72.31, Rs 73.38 per litre.

The all-time high petrol prices in Delhi, Kolkata, Mumbai and Chennai are Rs 78.43, Rs 81.06, Rs 86.24 and Rs 81.43 per litre, touched in May 29.

The rise in prices of diesel gains significance as it is mostly used in transportation of food and agricultural products and an increase in its price may lead to higher inflation.

The surge in fuel prices is largely attributed to the recent rise in crude oil cost and the high excise duty levied on transportation fuel in the country.

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Truckers begin nationwide indefinite strike against rising fuel prices

The strike is likely to cause a hike in prices of perishable goods items due to supply constraint.

Truckers Strike : Truck owners and operators launched an indefinite nationwide strike on Monday against increasing diesel prices and a sharp hike of third party insurance premium.


"The indefinite strike against the soaring diesel prices and steep rise in the third party insurance premium begun this morning. About 90 lakh trucks are expected to be off the road and as of now, over 60 per cent trucks were not plying on the roads across India," the All India Confederation of Goods Vehicle Owners' Associations President Channa Reddy told IANS.


"The government's argument is that the fuel price increase was due to international prices. However, we think the reason for price increase is not due to international prices but high taxes levied by the governments, Centre and the states," Reddy said.


Demanding the inclusion of diesel prices or petroleum products in the ambit Goods and Services Tax (GST), the Federation of West Bengal Truck Operators' Association Joint Secretary Sajal Ghosh said there has been a good response in the state where about 3.5 lakh trucks would not ply on the roads.


He said the Federation is also protesting police and Motor Vehicle Department officials' alleged excesses in the state.


Moreover, truck owners requested the Insurance Regulatory Development Authority of India to detariff the third party insurance premium as it has done in the case of comprehensive insurance policy, Reddy said.


"Since the trend of annual increase of third party insurance premium has been continuing for last 15 years even after opening of the insurance sector. To stop the increase per year, we have requested the IRDAI to detariff this. But, the authority has not responded to our demand," Reddy added.


The strike is likely to cause a hike in prices of perishable goods items due to supply constraint.

End to relentless petrol, diesel price rise brings no joy as cuts minuscule

These small cuts contrast against the nearly Rs 4 per litre rise in petrol prices during May 14-29, with the daily hike in prices varying around 15-30 paise a litre

High fuel prices  have burnt a hole in the common man's pockets. With mounting frustration, rates have been cut for the third consecutive day today. However, this is likely to be cold comfort for most given that the reduction in prices has been minuscule. Prices for petrol and diesel fell by 6 paise and 5 paise per litre, respectively, on Friday. After a one paisa cut in fuel prices, petrol prices across the four metros were cut on Thursday by seven paise a litre and diesel prices fell by five paise.

Petrol now costs Rs 78.29 per litre in Delhi, while the price of diesel has been revised to Rs 69.20 a litre. The revised Petrol prices in other metro cities are -- Rs 80.92 in Kolkata, Rs 86.10 in Mumbai, and Rs 81.28 in Chennai. The revised diesel prices are Rs 71.75 in Kolkata, Rs 73.67 in Mumbai, and 73.06 in Chennai.


How does this measure up against the previous hike in petrol prices? These cuts contrast against the nearly Rs 4 per litre rise in prices during May 14-29, with the daily hike in prices varying around 15-30 paise a litre. Similarly, diesel prices in all the four metros also were at record levels during the period.


A direct comparison of prices brings home the point. In the national capital on Thursday, petrol was sold at Rs 78.35 per litre, down from Rs 78.42 on Wednesday. Compared to Friday's prices, that is just a 13 paise difference in the favour of the consumer.


On Thursday, in the other key cities of Kolkata, Mumbai, and Chennai, the fuel was priced at Rs 80.98, Rs 86.16, and Rs 81.35 a litre, respectively. All these prices were down by seven paise from Wednesday's levels.


On Thursday, diesel prices in Delhi, Kolkata, Mumbai, and Chennai stood at Rs 69.25, Rs 71.80, Rs 73.73, and Rs 73.12 per litre, respectively.


After 16 days of relentless price hikes that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls, petrol and diesel prices were cut for the first time on Wednesday. However, the quantum of reduction was just one paisa.

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