Fuel prices dropped for the 13th consecutive day on Monday, with state-run Indian Oil Corporation (IOC) cutting the cost of petrol and diesel by 20 and 15 paise respectively.
In Mumbai, petrol now costs Rs 84.41 a litre, and diesel costs Rs 72.35 per litre.
Petrol price in other metros: Rs 76.58 in Delhi, Rs 79.25 in Kolkata and Rs 79.48 in Chennai.
Diesel price in other metros: Rs 67.95 in Delhi, Rs 70.50 in Kolkata and Rs 71.73 in Chennai.
Although fuel prices are revised daily, the fluctuations were halted since April 25 in the wake of the Karnataka poll campaign. State-run oil companies finally resumed the dynamic pricing mechanism on May 14 after a 16-day price freeze.
The oil firms reportedly lost Rs 500 crore due to the price freeze and the steep initial hike in costs was to offset the losses suffered during the period.
However, amid the huge public outcry, fuel prices have been dropping steadily since May 30, when the price of petrol and diesel was first cut by 1 paisa. Since then, the price of petrol and diesel has fallen by Rs 1.83 and Rs 1.44 respectively in Mumbai.
Despite the recent price cuts, the cost of petrol has effectively risen by Rs 1.93 in the last 30 days. Similarly, the price of diesel has also gone up by Rs 2.15 in the same period.
Meanwhile, Petroleum and Natural Gas Minister Dharmendra Pradhan has 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.View Realtime Updates