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Petrol, diesel prices cut for 11th consecutive day

11 June 2018

Oil minister Dharmendra Pradhan on Wednesday vowed to not allow petrol and diesel prices go out of reach of the common man, saying the government is working on a holistic solution to price volatility without going back on reforms.

Prices for petrol and diesel were reduced by 19-21 paise per litre and 15-16 paise per litre respectively in Delhi, Kolkata, Mumbai and Chennai on Monday.

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The constant fall in prices for 13 days comes as a relief since it comes after a fortnight of constant hikes.

Petrol and diesel prices have dipped again, for the tenth day in a row.

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After the revision, petrol prices in other major cities are - Rs 79.25 in Kolkata and Rs 79.48 in Chennai. It was affected by the global crude oil rates where benchmark Brent had touched its 2014 peak of over $80 a barrel, while the rupee had slipped to an 18-month low of 68.42 against the USA dollar.

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. High central and state government levies on petrol and diesel added to the burden on customers, who had to shell out nearly half of the cost they paid for a litre of fuel in taxes. On Sunday, petrol and diesel prices in the city were 84.61 and 72.51 per litre, respectively. The drop in petrol price was same in Mumbai, while it was one paisa higher in Chennai and one paisa lower in Kolkata. The US oil production, on the other hand, has increased in the last month.

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Petrol, diesel prices cut for 11th consecutive day