The fuel prices across the country were facing a continuous increase over the last few months – up until two weeks ago, when the price started going down after the Central and State Governments began their efforts to reduce fuel prices. Prices have been on the decline for the past twelve days straight. The cost of petrol in Mumbai is down to Rs 85.24 from Rs 86.81 per litre last week – a Rs 1.57 drop. Diesel is also on the decline, its cost having gone from Rs 78.46 to Rs 77.40 per litre – a Rs 1.06 reduction. In Delhi the petrol rates have finally dropped below Rs 80 mark and are currently at Rs 79.75 per litre, with diesel rates are at Rs 73.85 per litre.
This decline has provided much relief from the previously soaring fuel costs, when petrol had peaked at over Rs 90 per litre while diesel was just under Rs 80 per litre. The reduction has occurred on October 5, 2018 as a result of the Central Government's decision to reduce Excise duty on fuel by Rs 1.50 per litre and ordering oil PSUs to provide an additional subsidy of Rs 1.0, leading to a total reduction of Rs 2.50 per litre. Many State Governments also reduced VAT on fuel to further reduce prices. The international crude oil prices have also reduced over the last two weeks, albeit only marginally. Combined, all these factors have kept fuel costs in India on a steady decline for the last two weeks.
Fuel Prices Finally on the decline
Petrol prices cut by Rs 5 in Maharashtra
Petrol prices touch Rs 90 in 11 Maharashtra cities