Petrol and diesel prices were lowered marginally on Thursday. With effect from 6 am, petrol prices were at Rs 77.63 per litre in Delhi, Rs 80.28 per litre in Kolkata, Rs 85.45 per litre in Mumbai and Rs 80.59 per litre in Chennai, according to Indian Oil Corporation. Diesel prices were at Rs 68.73 per litre, Rs 71.28 per litre, Rs 73.17 per litre and Rs 72.56 per litre in Delhi, Kolkata, Mumbai and Chennai respectively. Petrol and diesel prices are deregulated in India, therefore prices at fuel stations are market-determined, based majorly on global crude oil rates and rupee-dollar forex rates.
Oil Minister Dharmendra Pradhan ruled out any rollback of deregulation of fuel prices. Despite having the burden of repaying oil bonds, the government will take full responsibility of keeping fuel prices in check and ensuring they don't go out of reach of the common man. He also reiterated that the government was working on a long-term solution to address oil price fluctuations while taking a holistic view of all factors.
Here are five things to know about petrol and diesel prices today:
1. While Thursday marked the ninth cut in a row for prices of petrol, diesel prices were lowered for eight days in nine. During this period, petrol prices have been lowered by 80 paise per litre in Delhi, 78 paise per litre in Kolkata, 79 paise per litre in Mumbai and 84 paise per litre in Chennai, data shows. Diesel prices have been brought down by 58 paise per litre in Delhi and Kolkata, and 62 paise per litre in Mumbai and Chennai.
|Petrol price (in Rs. per litre)||Diesel price (in Rs. per litre)|
2. The daily cuts since May 29, except diesel on June 3, followed sixteen days of hikes when petrol prices were raised by a total Rs 3.74-4 per litre across the four metros and diesel by Rs 3.23-3.62 per litre.
(Also read: Subsidised LPG Cylinders Get Costlier, Non-Subsidised Rate Hiked By Nearly Rs.50)
3. Brent crude oil prices touched their 2014 highs around $80 a barrel last month, which led the surge in domestic petrol and diesel prices. Crude oil prices have, however, made some recovery since then.
|State capital||Petrol price on June 7|
in Rs. per litre
|Diesel price on June 6|
in Rs. per litre
4. The rupee, down nearly 5 per cent so far this year, traded in the range of 67.08-66.94 on Thursday morning. It had settled at 66.92 against the US dollar, a one-month high.
(Also Read: Government Looking At Short-Term, Long-Term Solutions On Petrol, Diesel Prices)
5. Despite latest cuts in fuel rates, petrol and diesel prices are up Rs 7.66 per litre in Delhi, Rs 7.56 per litre in Kolkata, Rs 7.58 per litre in Mumbai and Rs 8.06 per litre in Chennai so far this year, Indian Oil Corporation data shows. Diesel prices are up Rs 9.09 per litre, Rs 8.98 per litre, Rs 9.9 per litre and Rs 9.73 per litre in Delhi, Kolkata, Mumbai, and Chennai respectively.
(With agency inputs)