On Sunday petrol price was cut to its lowest level in 2018 by 22 paise per litre even though diesel rates came down by 23 paise to a nine-month low.
According to the price report of state-owned oil corporations in the national capital, Delhi, the petrol price was cut from Rs 69.26 to Rs 69.04 per litre. On the other hand, diesel rates reduced from Rs 63.32 to Rs 63.09 per litre.
Petrol prices are at their lowest level of 2018 and have been on a decline from the time of October 18 with the exception of for one day. Diesel rates are at their lowest level ever since the end of March this year.
Overall taking the consideration of fall in prices since October 18, the petrol price has fallen by Rs 13.79 per litre. This is even more than antithetical of the entire hike that was observed in the two-month period commencing from mid-August.
In two and half months, the diesel prices have reduced by Rs 12.06 per litre. In the previous month of October 4, the Petrol price had moved a high rate of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai. Diesel on the same day in October had peaked to Rs 75.45 per litre in Delhi and Rs 80.10 in Mumbai.
The initial rise in the petrol prices had started to climb from August 16. From August 16 to October 4, the prices of petrol were raised by Rs 6.86 per litre and diesel by Rs 6.73.
From August 16 in Delhi, the Petrol prices were raised to Rs 77.14 and in Mumbai at Rs 84.58 per litre. On the other hand Diesel was priced at Rs 68.72 in Delhi and Rs 72.96 per litre in Mumbai on the same day.
The Indian government on that day decided to lower the excise duty on petrol and diesel by Rs 1.50 per litre each. They requested state-owned fuel merchants to pay for the price by another Rs 1 per litre by dropping their margins.
Following to this on October 5, the petrol price was lowered to Rs 81.50 per litre in Delhi and diesel to Rs 72.95 a litre. Whereas in Mumbai, the petrol price rates fell to Rs 86.97 per litre as well as diesel prices at Rs 77.45.
As the international oil prices sustained to rise, prices of petrol and diesel in Delhi also raised to Rs 82.83 and Rs 75.69 on October 17. In Mumbai, the petrol price rates touched the highest peak of Rs 88.29 per litre for petrol and Rs 79.35 for diesel.
But in the meantime the international oil prices have been decreasing and rupee has also valued, bring about in a decreasing in the retail rates. For the duration of the last two months, petrol price increased on just one day by just 10 paise on December 18. Diesel charges increased on December 17 and 18 by 9 paise and 7 paise correspondingly. Trade sources said as per the valuation, the retail prices of petrol and diesel may control easy in the following few days.
The retailing price of petrol and diesel is reliant on the worldwide charges of standard fuel and the value of rupee. This is because a large amount of the nation’s necessity is bump into over imports.
