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Thursday 21 November 2019
Economy Petrol, diesel prices cut for 3rd day in row

Petrol, diesel prices cut for 3rd day in row

To know the prices of petrol and diesel in your city, follow the instructions in this post; also know why the prices fluctuate so often

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This Diwali, ordinary citizens have got a big relief by way of cuts for three consecutive days in the prices of petrol and diesel. After a month in Delhi, the price of petrol has come down to Rs 73 per litre. The price of diesel has fallen below Rs 66. On Saturday, the price of petrol in the capital decreased by 8 p per litre and diesel by 5 p per litre.

Petrol and diesel prices in four metros

According to the website of Indian Oil, on Saturday, petrol prices in Delhi, Mumbai, Kolkata and Chennai are Rs 72.98, Rs 78.60, Rs 75.63 and Rs 75.79 per litre respectively. The prices of diesel in the four metros are Rs 65.95, Rs 69.12, Rs 68.31 and Rs 69.66 respectively.

Petrol below Rs 73 after 19 September

The petrol price in Delhi has come down below Rs 73 for the first time since 19 September. Earlier, on 19 September, the price of one litre of petrol in Delhi was Rs 72.71 per litre.

Prices change daily at 6 AM

Petroleum products’ prices keep changing every day. The new price of petrol and diesel comes into effect at 6 AM. After adding the excise duty and dealer commission to their price, the cost to consumer almost doubles.

Know your city price with SMS

You can check the price of petrol and diesel in your city daily through the short message service (SMS). Consumers can check the price updates by sending an SMS to a particular registered number and they will be informed about the current price through a message.

Indian Oil customers can send RSP to the number 9224992249.

BPCL customers need to send the message RSP to 9223112222.

HPCL customers have to send HPPRICE to 9222201122.

History of petrol, diesel price fluctuation

In June 2010, petroleum products’ prices were freed and oil marketing companies (OMCs) were allowed to revise prices based on international crude oil prices every fortnight.

Beginning in January 2013, diesel prices were raised by 50 p per litre every month. It was fully deregulated in 2014.

In June 2017, OMCs began tweaking fuel prices every day in tandem with global trends.

In October 2018, the then finance minister, the late Arun Jaitley had assured the nation that the deregulation of petrol and diesel prices would not be reversed.

Previously, government subsidising consumers or not letting the OMCs determine the prices as and when they fluctuated internationally did not permit state OMCs from expanding their business. The state restriction choked off investment in domestic oil fields. This, in the long run, hurt consumer interest, too, as petroleum remained scarce, thus keeping its price high.

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