 "Slashed for 2nd straight day, petrol falls below Rs 88-mark in Mumbai")
For the second day in a row, fuel prices were cut across cities on Friday. While petrol prices have been cut by 24 paise, diesel rates are down by 10 paise.
In New Delhi, petrol is being retailed at Rs 82.38 per litre, down from Thursday's rate of Rs 82.62. The fuel is now priced at Rs 87.84 in Mumbai, Rs 85.64 in Chennai and Rs 84.20 in Kolkata.
With the latest revision, diesel in Delhi, Mumbai, Kolkata and Chennai is now being sold at Rs 75.48, Rs 79.13, Rs 79.83 and Rs 77.33 per litre, respectively.
Falling crude oil prices in the international market is the major reason behind the back to back price cuts in petrol and diesel.
As per the country's pricing mechanism, the domestic fuel prices depend on international fuel prices on a 15-day average besides the value of the rupee.
The decline in petrol and diesel prices on Thursday came almost a fortnight after Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre.
Additionally, the state-owned oil marketing companies (OMCs) had been mandated to reduce prices of petrol and diesel by Re 1 a litre.
Petrol:
| City | New rates (Rs) | Previous rates (Rs) (on Oct. 9) | Cut (Paise) |
| Delhi | 82.38 | 82.62 | 24 |
| Mumbai | 87.84 | 88.08 | 24 |
| Chennai | 85.63 | 85.88 | 25 |
| Kolkata | 84.21 | 84.44 | 23 |
Diesel:
| City | New rates (Rs) | Previous rates (Rs) (on Oct. 9) | Cut (Paise) |
| Delhi | 75.48 | 75.58 | 10 |
| Mumbai | 79.13 | 79.24 | 11 |
| Chennai | 79.82 | 79.93 | 11 |
| Kolkata | 77.33 | 77.43 | 10 |
One subscription. Two world-class reads.
Already subscribed? Log in
Subscribe to read the full story →*Subscribe to Business Standard digital and get complimentary access to The New York Times
Smart Quarterly
₹900
3 Months
₹300/Month
SAVE 25%
Smart Essential
₹2,700
1 Year
₹225/Month
SAVE 46%
*Complimentary New York Times access for the 2nd year will be given after 12 months
Super Saver
₹3,900
2 Years
₹162/Month
Subscribe
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
SAVE 25%