After 16 days of the hike, petrol and diesel prices witness a slight drop

After 16 days of the hike, petrol and diesel prices witness a slight drop

After 16 days of successional price treks, oil prices decreased today as Indian Oil Corp, the country’s top refiner, and fuel retailer, marginally cut fuel prices across India, its website screened on Wednesday.

The petrol prices decreased with 60 paise in Delhi and 59 paise in Mumbai while diesel price went down by 59 paise in Mumbai and 56 paise in Delhi.

In metropolitan cities new adjusted prices are- Mumbai: Rs 85.65; Delhi: Rs 77.83; Chennai: Rs 80.80.and Kolkata: Rs 80.47 per litre and the cost of diesel recorded per litre as on Wednesday is Rs 68.75 per litre in Delhi, Rs. 71.30 in Kolkata, Rs 73.20 per litre in Mumbai, and Rs. 72.58 in Chennai.

Petrol and diesel prices showed a high jump this Friday.

Petrol and diesel are being sold at a recorded price in the country, increasing demand for duty cuts to cushion motorists, which has been resisted by the government. Union Petroleum and Natural Gas Minister Dharmendra Pradhan earlier insisted the public that government will soon take out a solution to face the situation. He also pointed out that lesser production of oil in the Organization of the Petroleum Exporting Countries (OPEC) and increase in crude oil price in the international market are some of the factors for an increase in fuel price.

In April, Pradhan concluded that the Centre and the state governments have been likely to bring the petroleum products under the ambit of Goods and Services Tax.

by TNBC Staff Reporter on May 31, 2018

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