Petrol and diesel prices across the country witnessed further dip on Sunday, bringing citizens much needed relief from skyrocketing prices with the fourth reduction in as many days. In Delhi, petrol was sold at Rs 81.99 per litre after a cut of Rs 0.39. while diesel was available for Rs 75.36 after a deduction of Rs 0.12 per litre.
The reduction in fuel prices comes in the wake of Prime Minister Narendra Modi's meeting with the top executives of global and Indian oil and gas companies on Monday. Meanwhile, petrol and diesel prices in Mumbai were Rs 88.08 per litre (decrease by Rs 0.21) and Rs 79.24 per litre (decrease by Rs 0.11), respectively. In Chennai, the price of petrol declined from Rs 85.63 per litre to Rs 85.22, while the price of diesel reduced by 13 paise to Rs 79.69. The reduction in Bharatiya Janata Party (BJP)-ruled states was more as they matched this cut by an equivalent reduction in local sales tax or VAT.
Brent had earlier this month hit a four-year high of $86.74 a barrel.
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On Friday, West Texas Intermediate for November delivery settled at Dollars 69.12 a barrel on the New York Mercantile Exchange, while Brent for December settlement was at USD 79.78 a barrel on the London-based ICE Futures Europe exchange. In Kolkata, the petrol price settled at Rs 83.83 per litre, a dip by 38 paise and in Chennai, it was Rs 85.22 per litre, a cut of 41 paise - the max amount across all the four metros. This came down to Rs 81.50 per litre for petrol and Rs 72.95 in case of diesel. The petrol and diesel prices deceased by 0.39 paisa per litre and 0.12 paisa per litre, respectively in Delhi. The government had reduced excise duty by Rs 1.50 per litre and asked state-run oil firms to subsidise fuel by Re 1.
In Mumbai, petrol had hit a peak of Rs 91.34 hit on October 4 and diesel was sold at a record high of Rs 80.10.