Zee Media Bureau
New Delhi: State-owned oil companies slashed the prices of petrol and diesel from Friday midnight due to fall in international brent crude oil prices.
Petrol price has been cut by Rs 2.41 a litre whereas the price of diesel has been slashed by Rs 2.25 per litre.
The Rs 2.41 a litre price cut in petrol and Rs 2.25 in diesel was after accounting for a 10-15 paise increase in commission paid to petrol pump dealers. The reduction should have been higher by 10-15 paise if the dealer commission had not been increased.
Petrol will cost Rs 64.25 a litre in Delhi from tomorrow as against Rs 66.65 currently. In Mumbai, the rate will be cut by Rs 2.55 a litre to Rs 71.91.
International brent crude oil price is hovering about USD 85 per barrel in the market and sources say, this has been the reason behind the likely cut in the price of fuel in India.
The petrol cut is the sixth consecutive cut since August 2014 while for diesel it is the first since the government deregulation its prices.
In the month of October, the price of petrol was reduced by about Rs 2 per litre on two ocassions.
In the same month, on October 19, the Narendra Modi government deregulated diesel prices which let to a reduction of Rs 3.37 a litre in the fuel price.
This cut in the price of diesel was the first in over five years when it was last cut on January 29, 2009 when they were reduced by Rs 2 a litre to Rs 30.86.
Right now, petrol costs Rs 66.65 per litre in the national capital while in Mumbai, it is priced at 74.46 per litre.
