Fuel price cut continues this month

Fuel prices across the country have continued the downward trend seen over the Diwali break, providing further respite to vehicle owners.

As per the Indian Oil website, prices for petrol dropped by around Rs 1 per litre over the past seven days. Per-litre prices for petrol currently stand at Rs 77.56 and Rs 83.07 in Delhi and Mumbai, respectively, as against Rs 78.56 and Rs 84.06, as seen a week ago.

Per-litre prices for diesel in the national capital currently stand at Rs 72.31 while they were Rs 75.76 per litre in Mumbai – down by around Rs 0.75 per litre over the past seven days.

The downward trend in fuel prices since mid-October has been a welcome change to vehicle owners this year. Prices for petrol in early October crossed Rs 90 per litre in some cities as the weakening of the Indian rupee against the US dollar and rising prices of crude oil simultaneously hit oil corporations across the country.

The drop in prices comes at a time when sanctions against Iran – a major fuel exporter to India – were temporarily softened. This allowed certain countries – including India – to continue oil imports from the country. In recent months the Central government also revised excise rates on fuel when the prices had continued to rise to new highs.