INSUBCONTINENT EXCLUSIVE:
Petrol and diesel price: Weakness in the rupee against the US dollar puts pressure on fuel rates
Petrol and
diesel prices were cut marginally for the second straight day, after 16 consecutive hikes
While petrol prices in Delhi, Kolkata, Mumbai and Chennai were lowered by 7 paise per litre, diesel prices were reduced by 5 paise per
litre, Indian Oil announced on its website - iocl.com
Indian Oil had first on Wednesday announced a hike of around 60 paise per litre across the metros, but hours later rectified the prices on
its website citing a glitch
"There was a technical glitch in posting the selling prices of petrol and diesel on our website" On Wednesday, Indian Oil Corporation had
lowered petrol and diesel prices by 1 paisa per litre across the metros.Here are five things to know:1
With effect from 6 am on Thursday, petrol prices were at Rs 78.35 per litre in Delhi, Rs 80.98 per litre in Kolkata, Rs 86.16 per litre in
Mumbai and Rs 81.35 per litre in Chennai, according to Indian Oil
litre)31-May30-May30-Apr31-May30-May30-AprDelhi78.3578.4274.6369.2569.365.93Kolkata80.9881.0577.3271.871.8568.63Mumbai86.1686.2382.4873.7373
.7870.2Chennai81.3581.4277.4373.1273.1769.56(Source: iocl.com)2
Despite two days of reduction, petrol and diesel prices rose by Rs 3.72 a litre in Delhi, Rs 3.66 a litre in Kolkata, Rs 3.68 a litre in
Mumbai and Rs 3.92 a litre in Chennai this month
Diesel prices increased by Rs 3.32 a litre, Rs 3.17 per litre, Rs 3.53 a litre and Rs 3.56 a litre respectively.3
In the past 16 days, petrol and diesel prices were hiked in the range of Rs 3.22-3.99 per litre in the four metros, on the back of a rise in
global crude oil prices and weakness in the rupee against the US dollar
Prices vary from state-to-state depending on local sales tax or VAT
Delhi has the cheapest price among all metros and most state capitals.4
Thursday's cut comes after a 16-day relentless price hike that followed lifting of a nearly three-week hiatus on price revision just
before Karnataka went to polls.5
Crude oil is the most expensive item on India's import bill as the country meets more than 80 per cent of its oil requirements through
Therefore, weakness in the rupee against the US dollar also puts pressure on domestic petrol and diesel prices
The rupee is down more than 6 per cent against the greenback so far this year.(With agency inputs)
