- Petrol prices were cut between 23-26 paise a litre in metros
- Diesel prices were cut between 18-19 paise a litre in metro cities
- Fuel prices are revised on a daily basis
Diesel prices were also cut by 18 paise in Delhi and Kolkata. In Mumbai and Chennai, the diesel prices were cut by 19 paise. In Delhi, disel prices were slashed from Rs 68.28 to Rs 68.10. The prices in Kolkata, Mumbai and Chennai stood at Rs 70.65, Rs 72.51 and Rs 71.89, respectively.
Diesel prices are being slashed since May 29 when the prices stood at Rs 69.31 in Delhi. In the past twelve days, the prices have been cut by Rs 1.21 per litre in Delhi and Kolkata, by Rs 1.28 in Mumbai and by Rs 1.29 in Chennai.
The petrol and diesel prices were hiked to unprecedented levels last month when new records were broken every other day. The price cut however started on May 29 when the fuel price was cut by one paisa. Since then the prices are being cut continuously.
Recently, Union oil minister Dharmendra Pradhan, on recent oil price hike, said that petroleum prices should be brought under the GST purview that 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," Pradhan told reporters on Thursday.
Since the start of this year, in top cities, petrol prices have risen by over Rs. 4 per litre. And diesel by Rs. 5-6 per litre.
Petrol prices in state capitals
The state-owned oil companies - Indian Oil Corporation, Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) - in June last year dumped the 15-year old practice of revising rates on the 1st and 16th of every month . Instead, they adopted a daily price revision system to instantly reflect changes in cost. Since then, prices are revised on a daily basis.