INSUBCONTINENT EXCLUSIVE:
For the sixth day in a row, petrol prices were cut on Tuesday across all cities
Petrol prices have been brought down by upto 14 paise in Delhi and Kolkata, by 18 paise in Mumbai and by 15 paise in Chennai
Now, after the Tuesday's price cut, the petrol prices in metro cities of Delhi, Kolkata, Mumbai and Chennai now stand at Rs 75.55, Rs 78.23,
Rs 83.12 and Rs 78.40, respectively.Similarly, diesel prices have been slashed by 10 paise in Delhi, Chennai and Kolkata, and by 12 paise in
Mumbai.After the latest price revision, the diesel rates stand at Rs 67.38 in Delhi, Rs 69.93 in Kolkata, Rs 71.52 in Mumbai and 71.12 in
Chennai.The fuel prices are being regularly cut since May 30
So far, petrol prices have been slashed by Rs 2.88 (Delhi) since May 29 when its price touched a peak of Rs 78.43
Similarly, diesel prices have been revised downward by Rs 1.93 since May 29 when the prices hit a record high of Rs 69.31.On Monday, oil
marketing companies (IOC, BPCL, HPCL) cut the petrol, diesel prices for the fifth consecutive day.It was in June 2010 when the government
deregulated (freed petrol pricing from its control)
Following this, diesel was de-regulated in October 2014
The government further permitted revision of prices on a daily basis since mid-June 2017 so as to reflect changes in cost instantly
The central government raised excise duty on petrol by Rs
11.77 a litre and that on diesel by Rs
13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell
However, the government cut the tax just once in October last year by Rs
2 a litre, the report further said.In the international markets, however, crude oil prices rose further
Oil prices rose on Tuesday on uncertainty over Libyan oil exports, although plans by producer cartel OPEC to raise output continued to
drag.Brent crude futures, the international benchmark for oil prices, were at $74.95 per barrel at 6.34 am, up 22 cents, or 0.3 percent from
their last close.(Except for the headline, this story has not been edited by TheIndianSubcontinent staff and is published from a syndicated
