Day 7 of fuel price cut: Petrol down to Rs 85.65 in Mumbai, diesel to Rs 73.33
Fuel prices dropped for the seventh consecutive day on Tuesday, with state-run Indian Oil Corporation (IOC) cutting the cost of petrol and diesel by 13 and 9 paise respectively.
Revised prices of fuel as of 6 am on Tuesday, June 5:
Mumbai: Rs 85.65
Delhi: Rs 77.83
Kolkata: Rs 80.47
Chennai: Rs 80.80
Mumbai: Rs 73.33
Delhi: Rs 68.88
Kolkata: Rs 71.43
Chennai: Rs 72.72
The prices of fuel 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 59 paise and 49 paise respectively in Mumbai.
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.