Marking sixth reduction in rates since August, Oil
Marketing companies (OMCs) reduced petrol prices by Rs 2.41 per litre,
while diesel prices too were slashed by Rs 2.25 per litre on the back of
falling international oil rates. With this, Petrol will now cost Rs
64.25 a litre in Delhi as against Rs 66.65 currently, while in Mumbai,
the rate will be cut by Rs 2.55 a litre to Rs 71.91. Cumulatively, since
August, petrol price has been cut by Rs 9.36 per litre.
Meanwhile,
diesel prices have been reduced for second time in October. With the
latest reduction, the nation's most consumed fuel will now cost Rs 53.35
per litre in Delhi from tomorrow compared to Rs 55.60 a litre at
present. In Mumbai, diesel price has been reduced by Rs 2.50 to Rs
61.04.
The reduction in rates of petrol and
diesel, which was deregulated for the first time in more than a decade
were effective from November 1, 2014. The center had in October
de-regulated diesel prices and on the same day slashed its prices by Rs
3.37 per litre, marking first reduction in rates over five years. The
previous decline dates back to January 2009. However, the reduction
could have been higher by 10-15 paise had the dealer commission not been
increased.
Simultaneously, the price of
non-subsidized cooking gas (LPG) was cut by Rs 18.5 to Rs 865 per
14.2-kg cylinder. Since August, this is the fourth reduction in rate of
non-subsidized LPG which consumers buy after exhausting their quota of
sub-market priced domestic cooking gas.
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