Fuel prices have been slashed marginally for the seventh consecutive day since the prices started declining on March 30, 2018. In New Delhi, the prices of petrol and diesel were reduced by 13 paise and 9 paise, respectively. After the price reduction, the price of petrol costs Rs.77.83 today, while diesel is currently priced at Rs.68.88.
This is the seventh consecutive day of price cut, and it varies from one state to another depending upon the VAT or local taxes imposed by the state government. Among the metro cities in India, fuel prices are costliest in Mumbai where petrol is priced at Rs.85.65 after the 12 paise price cut.
In Chennai, petrol price was reduced by 14 paise and it currently costs Rs.80.80. In Kolkata, petrol costs Rs.80.47 today after the price got slashed by 13 paise from yesterday’s price.
Before the fuel prices started reducing a week ago, the prices increased consecutively for about 16 days following the Karnataka Assembly elections. The price reduction started on May 30th with a 1 paise cut, which resulted in a lot of criticism against the government.
During the 16 days of continuous hike, fuel prices increased by up to Rs.3.70 in major metros across the country. Over the last seven days, petrol prices declined by up to 63 paise in major metros across the country.
Rising cost of fuel has always been a big concern for the central government as it is likely to have an impact on the prices of various household goods. It has been speculated that the government is now looking at various alternatives to bring the price under control.
Dharmendra Pradhan, Union Minister for Petroleum and Natural Gas, stated yesterday that the government is currently working on a long-term solution for the issue. However, he ruled out review of daily fuel pricing by oil companies.