LIOC also reduces fuel prices

Man at petrol station about to fill car tank

Man at petrol station about to fill car tankMore

Diesel saw its fourth consecutive monthly price increase, rising from 134.5p to 136.9p, making the cost of a 55-litre tank £75.30.

Following the rate cut, petrol and diesel are being sold at Rs 78.79 per litre and Rs 73.53 per litre, in Delhi and at Rs 84.49 per litre and Rs 77.06 per litre in Mumbai.

RAC Fuel Watch data shows there was a 3.5p per litre fall in wholesale prices yet petrol started and finished the month at 130.6p per litre. Just like in the capital Delhi, the price of petrol has declined by 19 paise per liter in the country's financial capital Mumbai, which has now cost Rs 84.49 per liter.

Fuel prices have been declining since early October as oil companies factored in softening of worldwide rates. State-run oil marketing companies Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) revise fuel prices with effect from 06:00 am on a daily basis.

Williams also called on all retailers, including smaller independent fuel stations, as well as big supermarkets, to cut their petrol prices by 3p per litre, pointing out that a strengthening currency meant more reductions could be on their way.

However, the Delhi government had not reduced Value-Added Tax on petrol and diesel. The fuel is being retailed at 77.73 per litre in the city. Due to that petrol and diesel are now cheaper in Noida compared to Delhi.

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