With the Government of India on the receiving end of flak from citizens across the country for the hike in petrol prices, petrol and diesel prices have experienced a drop for the 9th day in a row. The announcement of the drop came after Indian Oil, the largest fuel retailer in India, slashed the price of petrol in Delhi by 9 paise and diesel by 7 paise. That said, despite the drop in fuel prices over 9 days, the prices still continue to hurt the pockets of the common man.
Following the drop, the price of petrol in Delhi is Rs.77.63 per liter, Rs.85.43 per liter in Mumbai, Rs.80.59 per liter in Chennai, and Rs.80.28 per liter in Kolkata. As per the day’s rates, diesel will now cost Rs.68.73 per liter in Delhi, and Rs.73.17 per liter in Mumbai. That said, according to ET, petrol prices have risen by Rs.3.8 per liter since May 14, 2018, and though it has been reduced for 9 days in a row, the accumulative of the slashed rates are still less than a rupee.
According to ET, the drop in petrol and diesel prices are attributed to the drop in global crude oil price, and the strengthening of the rupee since May 30, 2018. While the global crude oil prices are a cause for worry, the government has come under intense criticism for the state-wise high excise duty added over the global crude oil cost.