Today’s cut down in the petrol prices marked the tenth straight day of lowering down of petrol prices across the cities in the country. After touching the new high these cut down brought much-needed respite among the citizens.
The prices were decreased by 21-22 paise per liter in Mumbai, Kolkata, Delhi, and Chennai in comparison to the yesterday’s rates. Diesel prices were cut down by 15-16 paise per liter as stated by Indian Oil Corporation.
10 Things You Should Know About The Petrol And Diesel Prices
- Petrol and Diesel prices as on June 8, 2018, with effect from 6 a.m.
- Delhi- Petrol- Rs. 77.42 per litre, Diesel- Rs. 68.58 per litre
- Kolkata- Petrol- Rs. 80.07 per litre, Diesel- Rs. 71.13 per litre
- Mumbai- Petrol- Rs. 85.24 per litre, Diesel- Rs. 73.02 per litre
- Chennai- Petrol- 80.37 per litre, Diesel- Rs. 72.4 per litre
- Petrol prices were on a constant decrease for past 10 days. Friday marked the 10 days in case of petrol and 9th day in the case of diesel. Except June 3 all other days within past 10 days have witnessed the cut down in oil prices.
- Indian oil corporation data shows that petrol prices were cut down by Rs. 1.01 per litre in Delhi, Rs. 1 per litre in Mumbai, 99 paise per litre in Kolkata and Rs. 1.06 per litre in Chennai. Likewise, diesel prices were also lowered by 77 paise per litre in Mumbai, 78 paise a litre in Chennai and 73 paise a litre in Delhi and Kolkata each.
- After 16 successive hikes in petrol rates in the month of May, these cuts came as a much-needed International crude oil prices reached their 2014 high and were $80 and the rupee fell to an 18-month low of 68.42 against the US dollar.
- On Friday Assocham stated that cutting down the sales tax on petrol and diesel rates is the reliable technique to control the price hike. Assocham Secretary General D S Rawat made a suggestion to place oil products in the realm of the Goods and Services Tax (GST).
- Seeing the current situation of petrol price hike Oil Minister Dharmendra Pradhan on Thursday talked in a positive light that if petroleum products will be kept under the GST it will help in scrutinizing the instability in fuel prices. He said “In the long run, petroleum products are bound to be included within the ambit of the GST regime… It is only a matter of time. It will immensely help in containing prices of petrol and diesel,” according to the PTI. He, however, refused to give any timeline on placing petroleum products under GST.
- The international standard for oil prices was near $77.50 per barrel on Friday according to the Brent crude oil prices.
- The rupee dropped by 20 paise and closed at 67.12 against the US dollar on Thursday. This fall was seen after a one-month high which was registered on the previous day.
- The rise in the crude oil rates and the decrease in the rupee against the US dollar make the case of overpriced imports for domestic refiners.
- These latest cut down have led to price hiked in different cities by:
- Kolkata – R7.35 per litre, Diesel- Rs. 8.83 per litre
- Delhi -R7.45 per litre, Diesel- Rs. 8.94 per litre
- Mumbai – R7.37 per litre, Diesel- Rs. 9.75 per litre
- Chennai- R7.84 per litre, Diesel- Rs. 9.57 per litre
- Above prices were stated by Indian Oil Corporation.
Constant petrol price hike impacts the common on daily basis. Share with us your views on this news in the comment section below.