Petrol prices today were lowered by 21-22 paise per litre in Delhi, Kolkata, Mumbai and Chennai, compared with the previous day's rates. Diesel prices were decreased by 15-16 paise per litre, according to Indian Oil Corporation. Friday marked the tenth straight day of price cut for petrol and ninth in 10 days in case of diesel. State-run oil marketing companies - with Indian Oil Corporation being the country's largest - currently review the prices on a daily basis, tracking global crude oil and rupee-dollar forex rates, among other factors. Domestic petrol and diesel prices are effected at fuel stations at 6 am every day.
Here are 10 things to know about petrol and diesel prices today:
1. With effect from 6 am on Friday, June 8, petrol and diesel prices were at Rs 77.42 per litre in Delhi, Rs 80.07 per litre in Kolkata, Rs 85.24 per litre in Mumbai and Rs 80.37 per litre in Chennai, according to Indian Oil Corporation. Diesel prices were at Rs 68.58 per litre, Rs 71.13 per litre, Rs 73.02 per litre and Rs 72.4 per litre in Delhi, Kolkata, Mumbai, and Chennai respectively.
|Petrol price (in Rs. per litre)||Diesel price (in Rs. per litre)|
2. Including Friday, petrol prices have been increased by few paise every day over 10 days. Diesel prices have also been reduced every day over this period except June 3, when the rates were kept unchanged.
3. During this period, petrol prices have been lowered by Rs 1.01 per litre in Delhi, 99 paise per litre in Kolkata, Rs 1 per litre in Mumbai and Rs 1.06 per litre in Chennai, Indian Oil Corporation data shows. Similarly, diesel prices have been brought down by 73 paise a litre in Delhi and Kolkata each, 77 paise per litre in Mumbai and 78 paise a litre in Chennai.
4. These cuts come after sixteen consecutive hikes in petrol prices in May, a month during which international crude oil prices touched their 2014 peaks, around $80 a barrel and the rupee slipped to an 18-month low of 68.42 against the US dollar.
5. Industry body Assocham said on Friday that reducing sales tax on petrol and diesel rates is the best way to control the price rise. Assocham Secretary General D S Rawat further suggested to the Centre to bring oil products within the ambit of the Goods and Services Tax (GST).
6. Oil minister Dharmendra Pradhan on Thursday voiced optimism that petroleum products will be brought under the GST purview, which will help in checking volatility in fuel prices. "In the long run, petroleum products are bound to be included within the ambit of the GST regime... It is only a matter of time. It will immensely help in containing prices of petrol and diesel," Mr Pradhan told reporters in Bhubaneswar, according to news agency Press Trust of India. He, however, declined to specify any timeline on bringing petroleum products under GST. Petrol prices are currently regulated by states which levy their respective sales taxes or value added tax on these fuels.
|State capital||Petrol price on June 8 in |
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|Diesel price on June 8 in |
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7. Brent crude oil prices, the international benchmark for oil prices, were near $77.50 per barrel on Friday.
8. The rupee on Thursday declined 20 paise to close at 67.12 against the US dollar, retreating sharply from a one-month high registered the previous day. At 67.12, the rupee is down 5 per cent against the greenback so far this year.
9. Higher crude oil prices and weakness in the rupee against the US dollar make imports costlier for domestic refiners. India imports the bulk of its energy requirements.
10. Despite latest cuts in fuel rates, petrol and diesel prices are up Rs. 7.45 per litre in Delhi, Rs. 7.35 per litre in Kolkata, Rs. 7.37 per litre in Mumbai and Rs. 7.84 per litre in Chennai so far this year, Indian Oil Corporation data shows. Diesel prices are up Rs. 8.94 per litre, Rs. 8.83 per litre, Rs. 9.75 per litre and Rs. 9.57 per litre in Delhi, Kolkata, Mumbai and Chennai respectively.