New Delhi: Fuel price cut continued for the sixth consecutive day on Monday with the Indian Oil Corporation reducing petrol prices by 15 paise per litre and diesel by 14 paise per litre in New Delhi and Mumbai.
Petrol in Delhi now costs Rs 77.96 a litre, down from Rs 78.11, according to a price notification issued by state-owned oil firms. Diesel costs Rs 68.97 a litre in the national capital.
IOC since May 30 has cut petrol prices by 46 paise and diesel prices by 33 paise in New Delhi, while similar price reductions were implemented in other cities across the country.
The recent reduction in fuel prices follows a consecutive 16-day hike in fuel prices across the country initiated by Oil Marketing Companies (OMCs) post Karnataka Assembly elections, which had led to a cumulative hike of Rs 3.80 per litre in petrol and Rs 3.38 per litre in diesel prices in Delhi.
Subhash Chandra Garg, Economic Affairs Secretary at the Centre, on Thursday indicated that retail prices of petrol and diesel could see a further decline. Asked about a mere 1 paise reduction in petrol price on May 30, Garg termed it “formula driven”, but added that the trend for reduction had begun.
“Last three-day data indicates that there is a perception that possibly the oil prices have stabilised. If that trend continues, I hope we will have a manageable situation. At one point crude oil prices had risen near to $80 per barrel. Now it has come down to $75-76,” Garg said.
He remained non-committal when asked the details of the long-term solution being formulated by the government to keep fuel prices from peaking to record levels.
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