Fuel prices down by up to Rs 4.37 in top cities: Check petrol, diesel rates

The Centre, along with many BJP-ruled states, announced a significant cut in petrol and diesel prices on Thursday

A day after the Centre and some state governments announced a cut in taxes on fuel products, petrol and diesel prices came down significantly across major cities this morning.

Mumbai saw the biggest cut in petrol prices — of Rs 4.37 per litre. Petrol is now sold at Rs 86.97 a litre in the city. In Delhi, Kolkata and Chennai, petrol is being retailed at Rs 81.50, Rs 83.35 and Rs 84.70 per litre, respectively.

Diesel prices are down by Rs 2.50 in all the four cities. Price of the fuel in Delhi, Kolkata, Mumbai and Chennai are Rs 72.95, Rs 74.80, Rs 77.45 and Rs 77.11 per litre, respectively.

The Centre on Thursday reduced excise duty on petrol and diesel prices by Rs 1.50 a litre and urged oil distribution companies to absorb another Re 1 per litre, bringing down the price of petrol and diesel effectively by Rs 2.50 a litre. The decision was followed by several BJP-ruled states. Soon after Centre's announcement, Maharashtra, Uttar Pradesh, Gujarat, Madhya Pradesh, Himachal Pradesh, Jharkhand, Assam, Arunachal Pradesh and Tripura announced a Rs 2.50 cut in VAT on these fuels.

The Centre's decision came after high-level consultations involving Prime Minister Narendra Modi, Bharatiya Janata Party (BJP) President Amit Shah, Finance Minister Arun Jaitley, Petroleum Minister Dharmendra Pradhan and Railway Minister Piyush Goyal.

The Centre's decision will result in a revenue loss of Rs 105 billion to the government in six months, Finance Minister Arun Jaitley said while announcing the price cut.

The Opposition critised the decision, saying the cut was "an ant" compared to the increase which is "an elephant".

"It's a panic reaction from the government. The relief is insignificant and like a needle in haystack," party spokesperson Randeep Surjewala said, daring the government to bring fuel prices to the 2014 levels.

Petrol:

City	New rates (Rs)	Previous rates (Rs) (on Oct. 4)	Cut (Rs)
Delhi	81.50	84.00	2.5
Mumbai	86.97	91.34	4.37
Chennai	84.70	87.33	2.63
Kolkata	83.35	85.80	2.45

Diesel:

City	New rates (Rs)	Previous rates (Rs) (on Oct. 4)	Cut (Rs)
Delhi	75.45	75.45	2.5
Mumbai	80.10	80.10	2.65
Chennai	79.79	79.79	2.63
Kolkata	77.30	77.30	2.45