New Delhi: petrol And diesel prices were cut by 20 paise a liter each on Sunday – the first reduction in the rate of petrol in a month, and the fourth reduction in the case of diesel in less than a week.
According to the price notification of state-owned oil companies, the price of petrol in Delhi has been reduced to Rs 101.64 per liter and that of diesel to Rs 89.07 per liter.
The reduction comes after international oil prices fell to their lowest level since May. US Federal Reserve indicated that it would begin reducing asset purchases within months, damaging commodities and propelling the dollar.
The cut in diesel prices is the fourth since August 18, when the cut cycle began. All the four deductions have been made at 20 paise per litre.
On the last three occasions when diesel rates were cut, petrol prices remained unchanged.
Sunday’s cut in petrol prices comes after maintaining status quo for 36 days. Diesel rate was changed after 33 days without any change.
The rate revision coincides with the freeze in Parliament The session, where opposition parties tried to corner the government on various issues including hike in fuel prices.
Petrol and diesel prices were last hiked on July 17.
Earlier, between May 4 and July 17, the price of petrol was increased by Rs 11.44 per liter. During this, the price of diesel had increased by Rs 9.14.
Price hike during this period pushed petrol prices above Rs. 100-a-litre mark In more than half of the country, while diesel exceeded that level in at least three states.
International oil rates have fallen to $66 a barrel from $75 a barrel in the previous month.
India is dependent on imports to meet about 85 per cent of its oil needs and therefore benchmarks local fuel rates to international oil prices.
According to the price notification of state-owned oil companies, the price of petrol in Delhi has been reduced to Rs 101.64 per liter and that of diesel to Rs 89.07 per liter.
The reduction comes after international oil prices fell to their lowest level since May. US Federal Reserve indicated that it would begin reducing asset purchases within months, damaging commodities and propelling the dollar.
The cut in diesel prices is the fourth since August 18, when the cut cycle began. All the four deductions have been made at 20 paise per litre.
On the last three occasions when diesel rates were cut, petrol prices remained unchanged.
Sunday’s cut in petrol prices comes after maintaining status quo for 36 days. Diesel rate was changed after 33 days without any change.
The rate revision coincides with the freeze in Parliament The session, where opposition parties tried to corner the government on various issues including hike in fuel prices.
Petrol and diesel prices were last hiked on July 17.
Earlier, between May 4 and July 17, the price of petrol was increased by Rs 11.44 per liter. During this, the price of diesel had increased by Rs 9.14.
Price hike during this period pushed petrol prices above Rs. 100-a-litre mark In more than half of the country, while diesel exceeded that level in at least three states.
International oil rates have fallen to $66 a barrel from $75 a barrel in the previous month.
India is dependent on imports to meet about 85 per cent of its oil needs and therefore benchmarks local fuel rates to international oil prices.
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