Petrol prices cut after four days of pause. Check rates here

After four days of pause Petrol prices were reduced today, while Diesel prices kept unchanged. Retail price for petrol in Delhi was 76.35 a litre, 8 paise down, according to rates available on Indian Oil's website. In other cities, petrol was at Rs 78.94 in Kolkata, Rs 84.06 in Mumbai and Rs 79.16 in Chennai.

Diesel price remains steady at Rs 67.78 per litre in the national capital.

After hitting an all-time high of Rs 78.43 a litre for petrol and Rs 69.31 for diesel in Delhi on May 29, the fuel prices have not been increased in over a fortnight now.


However, the drop of over Rs 2 a litre in the cost of petrol contrasts the rise of nearly Rs 4 per litre during May 14-29 period when the prices reached record levels in most of the major cities.

Since January 1, 2018, petrol prices have risen by Rs 6.46 a litre and diesel by Rs 8.21. Petrol price in Delhi was Rs 71.41 a litre and diesel was priced at Rs 56.71 when the present BJP-government took office in 2014.

The government is facing severe criticism over rising fuel prices as it deregulated price setting mechanism and the prices kept touching fresh high almost ever day last month.

The Centre had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by Rs 13.47 a litre in nine installments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.

Only four states -- Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh -- reduced VAT following the October 3, 2017 cut in excise duty. This month, Kerala cut VAT by Rs 1 a litre.