Fuel prices were reduced for the seventh consecutive day on Tuesday, under the oil marketing companies’ (OMCs) dynamic fuel pricing system.
Petrol price was lowered by 12-14 paise across metros on Tuesday, with the fuel selling at Rs 77.83 per litre in Delhi, 13 paise down from Monday’s price of Rs 77.96. In Mumbai, the price of petrol was revised to Rs 85.65 a litre, 12 paise lower from the previous day. Similarly, in Chennai, petrol was selling at Rs 80.80 a litre, 14 paise lower, and Rs 80.47 in Kolkata, 13 paise lesser from the previous day’s price.
Prices of diesel too were cut by 9-11 paise on Tuesday, with the fuel being sold at Rs 68.88 a litre in Delhi, and Rs 73.33 per litre in Mumbai.
Prices in Delhi are the lowest among all metros and most state capitals due to lower sales tax or value added tax (VAT).
Even with the reduction in prices, fuel still continues to sell at unprecedentedly high prices since OMCs started to hike rates in a staggered manner to pass on the burden of high global crude oil prices to customers, following a 18-day hiatus in prices before counting for the Karnataka polls.
Oil minister Dharmendra Pradhan on Monday said the government was not planning to review the dynamic/daily fuel pricing system, which has come under attack in the wake of the 16-day rally in fuel prices which was halted only last week.
Pradhan said state governments should tax petrol and diesel within a “reasonable and responsible” band and not continue to reap a bonanza from rising oil prices, news agency PTI reported.
Prasanta Patnaik