Petrol, diesel cut after 16 days: Petrol at Rs 77.83 / litre in Delhi

The reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates

Economy & Policy News: After 16 days of relentless price hikes, petrol price was today cut by about 60 paise a litre and diesel by 56 paise on the back of softening international oil rates and strengthening Indian rupee.

Petrol price in Delhi was cut by 60 paise to Rs 77.83 a litre. Rates had yesterday touched an all time high of Rs 78.43 per litre, according to a price revision notification of state-owned oil firms.

Diesel rates were cut by 56 paise in Delhi to Rs 68.75 per litre. Prices are now off their peak of Rs 69.31 a litre.

The reduction comes after 16 consecutive price increases since May 14 when fuel retailers ended a 19-day pre-Karnataka poll hiatus to pass on a spike in global oil rates.

In all, petrol price was increased by Rs 3.8 per litre and diesel by Rs 3.38 in that fortnight.

Prices vary from state to state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.

In Mumbai, petrol price was cut by 59 paise to Rs 85.65 a litre. Diesel rates were reduced by a similar proportion to Rs 73.20.

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Petrol prices continue to burn a hole in the pocket of middle-class Indians as it has touched Rs 77.47 perlitre in Delhi.

Maintaining it's sharp rise, petrol prices in Mumbai crossed Rs 85 on Thursday. Mumbaikars need to shell out the most as the fuel price touched Rs Rs 85.29 per litre. In Delhi, prices reached Rs 77.47 per litre, Rs 80.42 in Chennai, and Rs 80.12 in Kolkata, according to Indian Oil Corp.

The petrol price is rising relentlessly and it seems there is no respite any time soon. In the past one week, petrol prices have increased over Rs 2 per litre.

Hindustan Petroleum Corporation Limited (HPCL) Chairman and Managing Director Mukesh Kumar Surana told news agencies that fuel prices might remain high in the immediate future.

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