The price of petrol in Mumbai on Sunday is Rs 87.21 while that of diesel is Rs 78.82. Prior to October 5 cut, petrol price had risen by Rs 6.86 a litre and diesel by Rs 6.73 since mid-August.
In Mumbai, petrol price reduced to Rs 87.46 per litre, 38 paise below Thursday's price, while diesel cost at Rs 79, a reduction of 13 paise. Petrol price had during this period risen by Rs 1.33 a litre.
The rates were reduced by a minimum Rs 2.50 per litre across the country on October 5, when the government cut excise duty on petrol and diesel by Rs 1.50 a litre and asked oil PSUs to subsidise the fuels by another Re 1 a litre. Consumers took a sigh of relief on Thursday as the petrol and diesel prices witnessed a slight decline. The downward revision also comes on the back of multiple factors such as lower worldwide crude oil cost and a strengthened rupee against the U.S. dollar.
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State-run oil marketing companies Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) revise fuel prices with effect from 0600 hrs on a daily basis. This came down to Rs 81.50 per litre for petrol and Rs 72.95 in case of diesel.
Accordingly, the Brent crude was priced below $80 per barrel, which in recent past traded around $85 a barrel, while the rupee closed at 73.50 to a greenback from its previous close of 73.61 to a United States dollar. "But in the last two months, the basic price of diesel is higher than petrol". Meanwhile, petrol and diesel prices in Mumbai were Rs 88.08 per litre (decrease by Rs 0.21) and Rs 79.24 per litre (decrease by Rs 0.11), respectively. This is the first time after the announcement that the prices have come down. Talks between the petrol pump owners and Delhi Government regarding reduction in VAT on petrol and diesel in the capital has been inconclusive so far and they have made a decision to go ahead with the 23-hour shutdown, he added. This was followed by a reduction of Value-Added Tax by various states, including neighbouring Haryana and Uttar Pradesh.