Petrol And Diesel Prices Slashed For Tenth Consecutive Day
Petrol And Diesel Prices Slashed For Tenth Consecutive Day
Fuel prices have fallen for 13 days in a row
11 June, 2018, 05:39
Diesel prices also decreased by 18 paise to Rs 68.10 per litre in Delhi. In Mumbai, the petrol price on June 8 (Today) is Rs 85.24 per litre and diesel Rs 73.02 a litre.
Prices of petrol and diesel witnessed its steepest dip in the last 10 days on Friday.
The prices for petrol and diesel have fallen by 21-22 paise per litre and 15-16 paise per litre respectively in Delhi, Kolkata, Mumbai and Chennai, compared with the previous day's rates. In Chennai, the prices were down by 26 paise per litre and 19 paise per litre respectively.
The fuel rates had hit all-time highs after 16 consecutive days of hike in the month of May. The reductions come on the back of softening of worldwide oil rates and the rupee gaining against the U.S. dollar.
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Now, due to delay on the part of Federal Board of Revenue in establishing a mechanism for general sales tax (GST) collection under a deregulated system, the oil industry has managed to get the margins revised in line with an old Consumer Price Index (CPI)-based formula. The prices in Delhi are the cheapest in all metros and most State capitals. It costs Rs 66.71 per litre.
A meeting of the Economic Coordination Committee (ECC) of the cabinet held on May 30 and presided over by the then Prime Minister Shahid Khaqan Abbasi approved the hike in margins of petrol and diesel to be effective from July 2018, reported Express Tribune.
Rawat also said, "Higher oil prices significantly impact not just India's economy but household budgets as well as it leads to increase in the cost of transportation and therefore impacts a lot of other products in the inflation basket".
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