Petrol and diesel prices have been steadily rising despite the government's move to cut excise duty applicable to the fuels. On Saturday, the oil marketing companies (OMCs) hiked rates of petrol and diesel by 18 paise per litre and 29 paise per litre, respectively, in Delhi. In the national capital, petrol was sold at Rs. 82.66 per litre on Saturday, according to Indian Oil Corporation (IOC). Petrol rates in Mumbai, Kolkata and Chennai climbed to Rs. 88.12, Rs. 84.48 and Rs. 85.92 respectively, with effect from 6 am on Saturday.
Diesel prices stood at Rs. 75.19 per litre, Rs.78.82 per litre, Rs. 77.04 per litre and Rs. 79.51 per litre in Delhi, Mumbai, Kolkata and Chennai respectively on Saturday.
Here are 5 things to know about petrol, diesel prices:
1. Amid the rising fuel rates, diesel consumption fell for the first time in 10 months year-on-year in September, while petrol sales grew by the least in four months as record high pump prices dented demand, reported news agency Reuters. Lower local sales of petrol and diesel curbed growth in overall fuel demand to 1.1 per cent in September.
2. On Friday, Prime Minister Narendra Modi discussed petroleum issue in a review meeting held with Finance Minister Arun Jailtey and Petroleum Minister Dharmendra Pradhan. "The discussion centered around increasing domestic oil production, subsidy borne by oil marketing companies (OMCs) and reducing oil imports to cut down the current account deficit," news agency IANS (Indo Asian News Agency) quoted a senior official as saying.
3. A fresh round of US sanctions against Iran kicks-in from November 4.
4. India is dependent on imports for more than 80 per cent of its oil requirement. Ahead of the sanctions, two state-run firms have placed orders to buy Iranian oil in November.
5. On October 4, the Central government announced a cut of Rs 2.50 a litre each for petrol and diesel and urged state governments to match the reduction to provide relief from high fuel prices.
(With inputs from agencies)