Fuel prices cut for 12th straight day

New Delhi, Oct. 29: The downward slide in petrol and diesel prices continued on Monday after rates were cut by 30- 20 paise a litre on softening international oil prices.

Petrol price was cut by 30 paise a litre and now costs ` 79.75 a litre in Delhi, according to a price notification issued by state- owned oil firms.

Diesel rates were reduced by 20 paise to ` 73.85 a litre.

This is the 12th straight daily reduction in rates. In all petrol price has been cut by ` 3.08 per litre and diesel by ` 1.84 a litre.

The rates are off their record high of ` 84 per litre for petrol and ` 75.45 a litre for diesel touched on October 4. On that day, the government decided to cut excise duty on petrol and diesel by ` 1.50 per litre each and asked state- owned fuel retailers to subsidise by another ` 1 a litre by reducing their margins.

Subsequent to this, the petrol price came down to ` 81.50 per litre and diesel at ` 72.95 a litre on October 5.

However, as the international oil prices continued to rise, the price of petrol and diesel in Delhi increased to ` 82.83 per litre and ` 75.69 per litre by October 16. But beginning October 18, international oil prices have been falling and the rupee has also appreciated.

Globally, oil prices inched lower on Monday as concern over the global economy put crude on track for its biggest monthly fall since mid2016.

Brent crude oil futures were at $ 77.59 a barrel by 1225 GMT, down 3 cents from their last close, while US crude futures were down 6 cents at $ 67.53.

Even with US sanctions on Iranian exports due to come into force in under a week, oil has lost nearly 7 percent in value this month.