INSUBCONTINENT EXCLUSIVE:
Petrol, diesel prices today: Any revisions in rates are effected at fuel stations with effect from 6 am
Petrol and diesel prices today were cut by 15 paise per litre and 10-11 paise
Tuesday marked the 14th straight reduction in the price of petrol while diesel price was lowered for thirteen days since May 29
Currently, petrol and diesel prices are deregulated in the country, which means the rates are market-determined
Oil marketing companies review the prices every day and any changes are effected at fuel stations with effect from 6 am
The two weeks of cuts in petrol and diesel prices come after sixteen days of consecutive hikes last month."Petrol prices cut by another 15
Almost two rupees down from its price 14 days ago
Likewise substantial reduction in diesel price as well
Also reflect Brent crude, petrol and diesel prices declining from their peak and steadying," Economic Affairs Secretary Subhash Chandra Garg
With effect from 6 am, Tuesday, June 12, petrol prices were at Rs 76.43 per litre in Delhi, Rs 79.1 per litre in Kolkata, Rs 84.26 per litre
in Mumbai and Rs 79.33 per litre in Chennai, according to Indian Oil Corporation
Diesel prices were at Rs 67.85 a litre, Rs 70.4 a litre, Rs 72.24 a litre and Rs 71.62 a litre in Delhi, Kolkata, Mumbai and Chennai
.3573.79Chennai79.3379.4881.4371.6271.7373.18(Source: iocl.com)2
Since May 29, the last day of hikes in fuel prices, petrol prices have been brought down by Rs 2 per litre in Delhi, Rs 1.96 per litre in
Kolkata, Rs 1.98 per litre in Mumbai and Rs 2.1 per litre in Chennai
During this period, diesel prices have been decreased by Rs 1.46 per litre in Delhi and Kolkata each, Rs 1.55 per litre in Mumbai and Rs
That marks some relief in fuel prices compared with the prices last month.4
From May 14 to May 29, petrol prices were increased by Rs 3.8 a litre in Delhi, Rs 3.74 a litre in Kolkata, Rs 3.76 per litre in Mumbai and
Rs 4 per litre in Chennai
Diesel prices were hiked by Rs 3.38 a litre, Rs 3.23 a litre, Rs 3.59 a litre and Rs 3.62 a litre in Delhi, Kolkata, Mumbai and Chennai
Petrol and diesel prices in the country are determined broadly by global crude oil prices and the rupee-dollar foreign exchange rate.6
In the international market, crude oil prices were little changed on Tuesday as markets awaited the outcome of a summit between US President
Donald Trump and North Korean leader Kim Jong Un in Singapore
Brent crude futures, the international benchmark for oil prices, were trading near $76.50 per barrel
In oil market fundamentals, however, not all things point to higher prices, with output from the three biggest producers, Russia, the US and
Saudi Arabia on the rise.7
Domestic petrol and diesel sales rose to record highs in May, pushing the country's overall fuel consumption for the month higher
year-on-year, according to official data
Last month, domestic petrol and diesel prices touched record peaks at 2014 highs in many cities, on the back of a surge in global crude oil
litreAgartala72.2265.99Aizwal72.3465.18Ambala76.5468.36Bangalore77.6769.02Bhopal82.0271.41Bhubhaneswar75.2572.73Chandigarh73.5165.89Dehradun
77.7668.18Gandhinagar75.7472.92Gangtok79.569.6Guwahati78.5770.82Hyderabad80.9673.75Imphal74.5265.92Itanagar72.3365.14Jaipur79.1772.26Jammu78
.1669.02Jullunder81.6467.77Kohima74.9166.22Lucknow77.2568Panjim70.4369.05Patna81.9172.53Pondicherry75.2370.09Port
Blair65.8963.6Raipur76.8473.25Ranchi76.4171.64Shillong75.8367.67Shimla76.667.49Srinagar80.8571.24Trivandrum79.5372.63Silvasa74.3568.67Daman7
4.2868.6(Source: iocl.com)9
Industry body Assocham said that bringing down taxes is the best solution to check the spurt in fuel prices
"It will make India's exports competitive, bring down current account deficit and we may also no longer see the rupee depreciating,"
Assocham Secretary General D S Rawat said
Assocham suggested the Centre to bring oil products within the ambit of GST so that India's fuel prices match international rates.10
Oil Minister Dharmendra Pradhan had said in May that the government is in discussion to find a resolution
The government will "take the common man into consideration and come up with short-term and long-term solutions", he had said
Previously, he had said petroleum products should be brought under GST so that consumers can get the benefit of price rationalisation
