Petrol and diesel rate cuts have been happening for over one month now. During this time, petrol prices fell by Rs 2.88 a litre in Delhi
For the fifth day in a row, petrol and diesel prices remained constant across cities.
Until June 26 (the day when the last daily price cut took place), petrol prices had been cut for six consecutive days, and diesel prices for three days in a row.
Fuel price cuts have been taking place for over one month now. During this time, petrol prices have fallen by Rs 2.88 a litre in Delhi from its peak of Rs. 78.43 on May 29. Similarly, diesel prices have come down by Rs 1.93 a litre since May 29 when the fuel touched a high of Rs 69.31. In Mumbai and Chennai, petrol prices were cut by Rs. 3.18 and Rs. 3.03, respectively, during this period. Diesel prices fell by Rs 2.30 and Rs 2.06 in Mumbai and Chennai, respectively.
The central government raised excise duty on petrol by Rs. 11.77 a litre and that on diesel by Rs. 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell.