New Delhi: Petrol price yesterday was cut by 22 paise per litre to its lowest level in 2018 while diesel rates were reduced by 23 paise to a nine-month low. Petrol price in Delhi was cut to Rs 69.04 per litre from Rs 69.26 while diesel rates came down to Rs 63.09 from Rs 63.32 a litre.
In all, petrol price has fallen by Rs 13.79 per litre since October 18. Diesel prices have declined by Rs 12.06 per litre in two and half months.
Petrol, Diesel price reach high this year
Earlier this year, Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.
Prices had started to climb from August 16.
Petrol in Delhi was priced at Rs 77.14 and in Mumbai at Rs 84.58 per litre on August 15. Diesel on that day was priced at Rs 68.72 per litre in Delhi and Rs 72.96 in Mumbai.
Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73.
Government intervened to control rising fuel prices
To control the rising fuel prices, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins. Subsequent to this, the petrol price moderated to Rs 81.50 per litre in Delhi and diesel to Rs 72.95 a litre on October 5. In Mumbai, rates fell to Rs 86.97 per litre for petrol and Rs 77.45 in case of diesel.
As the international oil prices continued to rise, price of petrol and diesel in Delhi increased to Rs 82.83 and Rs 75.69 on October 17. In Mumbai, rates touched Rs 88.29 a litre for petrol and Rs 79.35 for diesel. But since then, international oil prices have been falling and rupee has also appreciated, resulting in a decline in retail rates.
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