Diesel prices remained unchanged on August 21 after three straight days of the speed cut. Petrol price was also stable on the day, consistent with a price notification by state-run oil companies.
The diesel price saw a decline of 60 paise per litre between August 18 and August 20. the worth cut took the fuel price to Rs 89.27. However, there was no change within the petrol prices. The last increase took the petrol price in Delhi near Rs 102 per litre-mark. The petrol price in New Delhi soared to Rs 101.84 a litre.
In Mumbai, the fuel prices witnessed an identical trend. The petrol price remained unchanged and retailed at Rs 107.83 a litre. The financial hub, on May 29, became the primary metro within the country where petrol was being sold for quite Rs 100 per litre.
Diesel price also remained an equivalent being sold at Rs 96.84 per litre in Maharashtra’s capital The fuel prices remain unchanged in Kolkata too, where a litre of petrol and diesel prices were Rs 102.08 and 92.32, respectively.
Chennai also retailed a litre of petrol at an equivalent price – Rs 99.47. The DMK government in Tamil Nadu has recently announced a tax cut of Rs 3 on petrol per litre. Diesel price also remained unchanged at Rs 93.84 per litre in Tamil Nadu’s capital.
The price cut follows international oil prices tumbling to their lowest level since May after the US Federal Reserve System signalled it had been set to start out tapering asset purchases within months, hurting commodities and lifting the dollar.
India is near 85 percent hooked in to imports to satisfy its oil needs then benchmarks local fuel rates to international oil prices. August 18 reduction in diesel rates came after 33 days of established order in rates as oil companies followed what’s referred to as moderation policy which involves not passing on extreme volatility in rates to consumers.
Incidentally, this established order coincided with the Parliament session where the opposition parties tried to corner the govt on various issues including the hike in fuel prices. Petrol and diesel price was last hiked on July 17.
Prior to that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17. Diesel rates had gone up by Rs 9.14 during this era . the worth hike during this era pushed petrol prices above Rs 100-a-litre-mark in additional than half the country while diesel crossed that levels in a minimum of three states.