Fuel Prices: A drop of Rs 0.39 in petrol price was witnessed on Saturday as the fuel prices were cut down consecutively for the third time. "Petrol & diesel prices in #Mumbai are Rs 87.46 per litre (decrease by Rs 0.38) and Rs 79.00 per litre (decrease by Rs 0.13), respectively".
The petrol price in Delhi was revised to Rs 81.99 per litre after a decrease of 39 paise, while that in Mumbai was Rs 87.46 per litre after a 38 paise reduction, as reported by ANI.
Globally, oil prices rose on Friday on signs of surging demand in China, the world's second largest oil consumer, although prices were headed for a second weekly decline on swelling U.S. inventories and concern that trade wars were curbing economic activity, reported news agency Reuters.
After the Centre cut excise duty by Rs 1.50 per litre and asked PSU oil firms to subsidise fuel by Re 1, Maharashtra and Gujarat governments were among the first to announce a matching Rs 2.50 cut.
The diesel price mark was Rs 75.36 per litre, a decrease of 12 paise in Delhi and for Mumbai, the price was Rs 79 per litre, a reduction by 13 paise. Prior to October 5 cut, petrol price had risen by Rs 6.86 a litre and diesel by Rs 6.73 since mid-August. In Kolkata, the petrol price settled at Rs 84.21 per litre and in Chennai, it was Rs 85.63 per litre.
As per the country's pricing mechanism, the domestic fuel prices depend on worldwide fuel prices on a 15-day average besides the value of the rupee. Meanwhile, petrol and diesel prices in Mumbai were Rs 88.08 per litre (decrease by Rs 0.21) and Rs 79.24 per litre (decrease by Rs 0.11), respectively.
The dip in fuel prices comes almost a fortnight after Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre. The strike has been called in protest against the Delhi government's refusal to cut VAT (Value Added Tax) on petrol and diesel.