Diesel prices were cut by 15-17 paise across the metros on September 3, i.e. Thursday, marking the first reduction in the rate of the fuel in close to six months. Thursday's revision in diesel rates is the first reduction since mid-March. The state-run oil marketing companies had kept the diesel prices unchanged for 82 days to adjust a record hike in excise duty on fuels against declining benchmark costs.
In Delhi, the price of diesel was lowered to Rs 73.40 per litre from Rs 73.56 per litre, while petrol was constant at Rs 82.08, according to notifications from Indian Oil Corporation. In Mumbai, the prices of diesel were reduced to Rs 79.94 per litre from Rs 80.11 per litre, while petrol was steady at Rs 88.73.
Currently, state-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum, which account for the majority of fuel stations in the country, review petrol and diesel rates on a daily basis, and implement any revisions with effect from 6 am every day.
The prices of petrol have been increased on 14 out of 19 days in Delhi. The price of petrol has been increased by a cumulative Rs 1.65 per litre in the national capital during this period. (Also Read: How To Find Latest Petrol, Diesel Rates In Your City).
Here are the latest prices of petrol and diesel (in rupees per litre) in the four metros on September 3:
|Source: Indian Oil|
Petrol and diesel prices vary in different parts of the country due to factors such as crude oil and foreign exchange rates, and local taxes.
Meanwhile, oil prices were little changed in early trade on Thursday, sitting near multi-week lows hit overnight on worries about fuel demand due to a patchy U.S. economic recovery.
U.S. West Texas Intermediate (WTI) crude futures inched up 3 cents, or 0.1 per cent, to $41.54 a barrel at 0115 GMT, while brent crude futures slipped 7 cents, or 0.2 per cent, to $44.36 a barrel.