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Petrol, diesel prices drop on the first day of September, check rates in your city

By Saima Siddiqui 
Updated Date

New Delhi: Petrol prices on September 1 dropped by 10 to 15 paise across the country after remaining stabile for seven straight days. The diesel price also decreased by 14 to 15 paise on the first day of the month.

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In Delhi, the petrol and diesel prices were cut by 15 paise each. With this revision, the petrol was sold at Rs 101.34 a litre, while the diesel was retailed at Rs 88.77 per litre in the national capital.

In Mumbai, fuel prices witnessed a similar trend. The petrol price was declined by 13 paise to retail a litre of the fuel at Rs 107.39. The financial hub, on May 29, became the first metro in the country where petrol was being sold for more than Rs 100 per litre.

Diesel price also witnessed a drop of 15 paise and sold at Rs 96.33 per litre in Maharashtra’s capital on the day.

The petrol and diesel prices were declined by 10 and 14 paise respectively in Kolkata. The price cut took the rate of a litre of petrol to Rs 101.72 and that of diesel Rs 91.84 in the city.

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Chennai also saw a price cut of 12 paise in petrol prices and 14 paise in diesel. This revised the prices of the two respective fuels to Rs 99.08 per litre and Rs 99.38 per litre in Tamil Nadu’s capital.

The price cut follows international oil prices tumbling to their lowest level since May after the US Federal Reserve signalled it was set to start tapering asset purchases within months, hurting commodities and lifting the dollar.

India is near 85 percent dependent on imports to meet its oil needs and so benchmarks local fuel rates to international oil prices.

Petrol and diesel price was last hiked on July 17. Prior to that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17.

Diesel rates had gone up by Rs 9.14 during this period. The price hike during this period pushed petrol prices above Rs 100-a-litre-mark in more than half of the country while diesel crossed that level in at least three states.

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Business #Commodities #Current Affairs #diesel #diesel price #India #petrol #Petrol price

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