GOOD NEWS: After 16 days of constant hikes, a slight cut in petrol, diesel prices

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Fuel prices
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The Hush Post: After constant hikes for last 16 days, the government on Wednesday slightly cut the petrol and diesel prices.

The rates of petrol have been cut down by 60 paise in Delhi and 59 paise in Mumbai and diesel rates went down by 56 paise in Delhi and 59 paise in Mumbai.

The new rates of petrol in metro cities are: Delhi: Rs 77.83 per litre; Mumbai: 85.65; Kolkata: 80.47 and Chennai: 80.80, a report said.

The rates of diesel per litre as on Wednesday are Rs 68.75 per litre in Delhi, Rs 73.20 per litre in Mumbai, Rs 71.30 in Kolkata and Rs 72.58 in Chennai.

Notably, petrol, diesel prices differ from state to state due to local taxes. Domestic petrol and diesel prices had touched an all-time high on Friday, the report said.

The rates of petrol and diesel in the country are linked to Singapore gasoline prices GL95-SIN and Arab Gulf diesel prices GO-AG, which mostly track movements in crude oil prices LCOc1.

Oil prices fell to about $75 a barrel as Saudi Arabia and Russia said they were ready to ease supply curbs that have pushed crude prices to their highest since 2014.

India’s three state-run fuel retailers – IOC, BPCL and Hindustan Petroleum Corp – control most of India’s fuel retail market and tend to move their fuel prices in tandem, the report said.

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