Fuel prices, for the tenth consecutive day, was marginally lowered on Friday. As per prices announced by largest retailer Indian Oil Corp (IOC), petrol prices fell around 21 paise in the four metro cities, while diesel prices were down by around 15 paise.
In Delhi, petrol per litre on Friday cost Rs 77.42, down from 77.63 on Thursday. Similarly, in Mumbai and Kolkata, petrol prices were at Rs 85.24 and Rs 80.07 a litre respectively. In Chennai, petrol fell by 22 paise to Rs 80.37 per litre.
Diesel prices were down by 15 paise in Delhi, Mumbai and Kolkata. In Chennai, its price was down by 16 paise.
Even after ten consecutive price cuts, fuel prices continue to remain at high levels following the resumption of daily price changes after a 20-day suspension of the system last month owing to the Karnataka elections.
After 16 consecutive days of hike post the elections, petrol prices had touched the peak of Rs 78.43 per litre in Delhi and Rs 86.24 per litre in Mumbai on 29 May.
Since then, prices have seen a downward revision of Rs 1.01 in Delhi to be priced at Rs 77.42 on Friday.
Speaking to media on Thursday, Petroleum and Natural Gas Minister Dharmendra Pradhan said the government was looking into various factors involved in oil prices- the taxes of the Centre and states, the management of exchange rate, global geopolitical triggers - to further bring down the oil prices.
He also said that state owned oil industry was losing Rs 200 billion annually in terms of input credit as petrol and diesel were kept out of the purview of GST. “All the expenditure of the oil industry- refinery, pipeline, exploration, are paying GST (for various transactions). I am not getting back that money, the input credit. So I am making it costly. I am losing Rs 200 billion per annum, only by government companies, in input credit. So it is just a matter of time (before petrol and diesel are brought under GST)”, Pradhan said.
Top block shows petrol prices while lower block shows diesel cost