Despite 10 days of continuous price cuts, petrol still costlier by Rs 2.76 in Mumbai

Despite 10 days of continuous price cuts, petrol still costlier by Rs 2.76 in Mumbai
Despite recent price cuts, the cost of petrol is up by Rs 2.76 in last 30 days

Fuel prices dropped for the tenth consecutive day on Friday, with state-run Indian Oil Corporation (IOC) cutting the cost of petrol and diesel by 21-22 and 15-16 paise respectively.

In Mumbai, petrol now costs Rs 85.24 a litre, and diesel costs Rs 73.02 per litre.

Petrol price in other metros: Rs 77.42 in Delhi, Rs 80.07 in Kolkata and Rs 80.37 in Chennai.

Diesel price in other metros: Rs 68.58 in Delhi, Rs 71.13 in Kolkata and Rs 72.40 in Chennai.

Fuel prices have been dropping steadily since May 30, when the price of petrol and diesel was cut by 1 paisa. Since then, the price of petrol and diesel has fallen by 1 rupee and 77 paise respectively in Mumbai.

Despite the recent price cuts, the cost of petrol has effectively risen by Rs 2.76 in the last 30 days. Similarly, the price of diesel has also gone up by Rs 2.82 in the same period.

Petrol Price

Date Price in Rs
30 Days Prior Tuesday, 8 May 2018 82.48
Day Before Price Drop Tuesday, 29 May 2018 86.24
Price Drop – Day 1 Wednesday, 30 May 2018 86.23
Price Drop – Day 2 Thursday, 31 May 2018 86.16
Price Drop – Day 3 Friday, 1 June 2018 86.1
Price Drop – Day 4 Saturday, 2 June 2018 86.01
Price Drop – Day 5 Sunday, 3 June 2018 85.92
Price Drop – Day 6 Monday, 4 June 2018 85.77
Price Drop – Day 7 Tuesday, 5 June 2018 85.65
Price Drop – Day 8 Wednesday, 6 June 2018 85.54
Price Drop – Day 9 Thursday, 7 June 2018 85.45
Price Drop – Day 10 Friday, 8 June 2018 85.24
Hike since end of Karnataka poll campaign 3.76
Total price drop in 10 days 1
Effective result Up by 2.76
—– —– —–

Diesel Price

Date Price in Rs
30 Days Prior Tuesday, 8 May 2018 70.2
Day Before Price Drop Tuesday, 29 May 2018 73.79
Price Drop – Day 1 Wednesday, 30 May 2018 73.78
Price Drop – Day 2 Thursday, 31 May 2018 73.73
Price Drop – Day 3 Friday, 1 June 2018 73.67
Price Drop – Day 4 Saturday, 2 June 2018 73.58
Price Drop – Day 5 Sunday, 3 June 2018 73.58
Price Drop – Day 6 Monday, 4 June 2018 73.43
Price Drop – Day 7 Tuesday, 5 June 2018 73.33
Price Drop – Day 8 Wednesday, 6 June 2018 73.25
Price Drop – Day 9 Thursday, 7 June 2018 73.17
Price Drop – Day 10 Friday, 8 June 2018 73.02
Hike since end of Karnataka poll campaign 3.59
Total price drop in 10 days 0.77
Effective result Up by 2.82

State-run oil companies resumed the dynamic pricing mechanism on May 14 after a 19-day price freeze in the wake of the Karnataka Assembly election campaign.

The oil firms reportedly lost Rs 500 crore due to the price freeze. The initial hike in prices of petrol and diesel was to offset the losses suffered during the period.

In addition, Petroleum and Natural Gas Minister Dharmendra Pradhan has also 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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