Day 2 of fuel price drop: Cost of petrol falls by 7 paise, diesel by 5 paise

Day 2 of fuel price drop: Cost of petrol falls by 7 paise, diesel by 5 paise
Petrol price fell to Rs 86.16 and diesel fell to 73.73 on Thursday (Representational Image, Courtesy: WeeklyVoice.com)

Prices of petrol and diesel fell by 7 paise and 5 paise per litre respectively on Thursday.

As of today morning, petrol in Mumbai costs Rs 86.16 a litre and diesel costs 73.73 per litre.

The revised petrol rates in other metro cities are – Rs 78.35 in Delhi, Rs 80.98 in Kolkata and Rs 81.35 in Chennai. The revised diesel rate stands at Rs 69.25 in Delhi, Rs 71.80 in Kolkata, and Rs 73.12 in Chennai.

The fuel prices were slashed for the second day today after rising steadily for 16 days straight. Ironically, the price dropped by just 1 paisa on Wednesday, which former Petroleum and Natural Gas Minister M. Veerappa Moily dubbed as ‘cruel’.

“Reducing one paisa on petrol is meaningless. This shows that he is mocking the people. These people are putting a lot of excise duty which we have not done during our regime. This is totally burdensome. People are suffering. When in entire Asia the price is so much down, the price in India is very much high. So, it is a very cruel way of dealing with it,” he told reporters.

On Wednesday morning, the Indian Oil Corporation (IOCL) website showed that the price of petrol had fallen by 59 paise in Mumbai. However, it later rectified the rates and issued a statement clarifying that the prices had gone down by 1 paisa.

Petroleum and Natural Gas Minister Dharmendra Pradhan on May 28 attributed the rise in fuel price to the increase in the cost of crude oil in the international market and the rupee-dollar exchange rate.

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