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Petrol, diesel prices down for second consecutive day

  •   Fri, Oct 19 2018 06:37:29 PM

Mumbai, Oct 19 (IANS): In a Dussehra relief for consumers, state-run oil marketing companies (OMCs) cut the prices of key domestic transportation fuels -- petrol and diesel -- for the second consecutive day on Friday.

The prices of petrol and diesel were lowered in the national capital by 24 and 10 paise respectively.

According to the IndianOil Corp data, petrol was priced at Rs 82.38 per litre in the national capital, down from Rs 82.62 on Thursday.

As per the data, the key transportation fuel was priced at Rs 87.84 in Mumbai, Rs 84.21 in Kolkata and Rs 85.63 per litre in Chennai, down 25 paise from its previous rate.

As per the country's pricing mechanism, the 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 product is excluded from the GST regime. Delhi has the lowest tax rate among the four metro cities.

In tandem with petrol, the cost of diesel declined on Friday across all metros in a range of 10-11 paise.

On Friday, the diesel price in Mumbai was at Rs 79.13 from its previous price of 79.24 on Thursday.

Prices of diesel in Delhi, Kolkata and Chennai declined to Rs 75.48, Rs 77.33 and Rs 79.82 a litre from the Thursday's Rs 75.58, Rs 77.43 and Rs 79.93 respectively.

The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a strengthened rupee against the US dollar.

Accordingly, the Brent crude was priced below $80 per barrel, which in recent past traded around $85 a barrel, while the rupee closed at 73.50 to a greenback from its previous close of 73.61 to a US dollar.

On a daily basis, the decline in petrol and diesel prices commenced on Thursday nearly a fortnight after Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies (OMCs) had been mandated to reduce prices of petrol and diesel by Re 1 a litre. This is the first time after the announcement that the prices have come down.
  

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Comment on this article

  • Vincent Rodrigues, Katapadi/Bangalore

    Sat, Oct 20 2018

    Nothing great when the fuel prices are already hiked to the sky level.

    DisAgree Agree Reply Report Abuse

  • SMR, Karkala

    Fri, Oct 19 2018

    Oil is a slippery subject, as when crude oil prices collapsed, the ordinary Indian was unfairly taxed, and when prices rose, the govt hikes prices further with the archetypal pretext “global factors”
    Ordinarily, a smart government would have done two things; one, passed on the benefit of falling prices to consumers as part of principled mark-to-market pricing, and secondly, created a price equalisation fund as a financial buffer for the unforeseen future when global crude oil would surge again. They did neither. Now it is comeuppance time. The chickens are coming home to roost.
    The continuously headline-hunting government underestimated the repercussions of oil price escalation. Modi government is sloppy, slothful and snoozing, relying on oil revenues to fund fiscal deficit instead of targeting personal and corporate income tax collections. Fact is, a healthy economy has lower indirect taxes like GST, petroleum taxes, VAT etc as they are intrinsically regressive.
    To understand the magnitude of that economic tailwind, just take a look at two figures; under the Congress-led UPA, the per barrel dollar price had peaked at a staggering $147/barrel while under Modi, the barrel price bottomed out at $28/barrel. This was not just akin to a steep discount, but virtually like a garage distress sale.
    Thus, the government can lazily ensconce in opulent luxury while 130 crore Indians pay their bills at gas stations. The PM can say goodbye to economic governance and gather frequent flier miles on extravagant foreign tours while India bleeds. This is exactly what has happened.
    The UPA gave subsidies fully aware that it would impact fiscal deficit, and then reworked towards correcting it along with the current account deficit. It ultimately neutralised the pernicious foreign exchange crisis posed by USA’s decision to reverse quantitative easing. The NDA has indulged in daylight exploitation, sorry extortion of the ordinary Indian consumer. It can be called as the Great Oil Robbery

    DisAgree Agree [1] Reply Report Abuse

  • Amith, NAGPUR

    Fri, Oct 19 2018

    In 5 states assembly election, Ullu Banaying to Chaddi Bhaktas!!!!!!!

    DisAgree [3] Agree [9] Reply Report Abuse

  • Swamy, Mangalore

    Fri, Oct 19 2018

    Since 2014 govt's hand is always in our pocket. Govt puts Rs1 in our one pocket then removes Rs10 from our other pocket!!!!!????....

    DisAgree [4] Agree [14] Reply Report Abuse

  • geoffrey, hat hill

    Fri, Oct 19 2018

    No wonder 90% Mukesh Bhai's total profits come from oil refining! Ref: today's Indian Express

    DisAgree [1] Agree [15] Reply Report Abuse

  • Shankar, Banglore

    Fri, Oct 19 2018

    Petrol price was 44 Rs in 2004. In 2013, it was 77 Rs. 33 Rs added in UPAs 10 years. Average of 3.3 Rs per year. Now compare it with 83 Rs...!!!

    DisAgree [6] Agree [7] Reply Report Abuse

  • Swamy, Mangalore

    Fri, Oct 19 2018

    So pathetic figure average Rs 3.3 per year while you can not see its daily Rs 3.3 per litre on an average after 2014. Such a loser blind Bhakth!!!!????....Surprised by extra ordinary cases like you.

    DisAgree [5] Agree [8] Reply Report Abuse

  • David Pais, Mangalore

    Fri, Oct 19 2018

    is ti 30 rupees????????? ask baba dramadev. he knows how 2 make petrol from his backyard. chichi chiwala should take expertice from dramadev. 2014 petrol & diesel @60rs. p/l

    DisAgree [2] Agree [15] Reply Report Abuse

  • mohan, Mangalore

    Fri, Oct 19 2018

    Kya bath hai ...90 rupees tak bada diye.....abi 10 Paise cum ho gaye....kal 50 paise badenge...

    DisAgree [3] Agree [14] Reply Report Abuse


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