Petrol and diesel prices were slashed, effective this morning (Friday, June 8), the 10th consecutive day of price cut for petrol and 9th day for diesel.
Petrol price has been slashed by 21 paisa per litre and diesel price was also cut down by 15 paisa per litre today.
As per new rate chart, petrol price in Delhi now stands at Rs 77.63, in Mumbai 85.45, in Kolkata Rs 80.28 and in Chennai Rs 80.59.
Diesel price in Delhi is Rs 68.73 per litre, in Mumbai Rs 73.17 in Kolkata Rs 71.28 and in Chennai Rs 72. 56, according to rates published by Indian Oil Corporation on its website.
This is the biggest cut since fuels’ rates soared.
However, despite the prices lowering for ten successive days, petrol has got cheaper by only a rupee in Delhi during this period. Diesel is down 82 paise in 10 days in the capital city, said a report in The Times of India.
Ahead of the downward slide, fuel prices were hiked continuously for over two weeks, following the Karnataka polls, which ended earlier in May. From May 14th onward, petrol prices were hiked continuously till May 29th, following which there was a 1 paisa reduction on May 30th.
After that, there have been more meaningful cuts in petrol prices across the country, with today being the ninth consecutive day of a price slash. Notably, in the 16 days of hike, petrol prices zoomed up by more than Rs 3.7 in the major metros.
The cut in fuel prices comes a day after, Union oil minister Dharmendra Pradhan voiced optimism that petroleum products will be brought under the GST purview that will help in checking volatility in fuel prices.
“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,” Pradhan told reporters in Bhubaneswar.