Petrol, diesel prices see biggest dip in 10 days

Since no revision in diesel margins was made like the way petrol margins were revised based on the CPI the OMCs claimed that they suffered a loss of Rs485 million from November 2017 to February 2018

Mumbai saw a decline in petrol & diesel prices by 23 paise per litre and 19 paise per litre. Petrol price was fixed at Rs 82.01 per litre here.

The ten days of continuous dip in fuel prices comes as a minor relief since rates were hiked constantly for a period of 16 days. According to data available on Indian Oil's website, petrol and diesel prices have fallen by 24 paise per litre and 18 paise per litre respectively in Delhi, Kolkata. So, over the last five days the reduction does not even amount to a rupee. Prices vary from state-to-state depending on local sales tax or VAT.

Diesel, on the other hand, is selling at Rs. 73.02 in Mumbai, 15 paise less from day before.

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Price of petrol continues to be the highest in Mumbai. Delhi has the cheapest price among all metros and most state capitals. High central and state government levies on petrol and diesel added to the burden on customers, who had to shell out nearly half of the cost they paid for a litre of fuel in taxes. In the 16 consecutive increases since dynamic pricing system was resumed on May 14, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38. The automobile fuel prices had reached a record high on Tuesday.

It had emerged last week that government may ask state-owned Oil and Natural Gas Corp (ONGC) to bear fuel subsidy to help cut petrol and diesel prices. "It will make India's exports competitive, bring down current account deficit and we may also no longer see the rupee depreciating", PTI quoted Assocham Secretary General D S Rawat as saying.

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