Petrol prices today were lowered by 21-22 paise per litre in Delhi, Kolkata, Mumbai and Chennai compared to Thursday’s rates. Diesel prices were decreased by 15-15 paise per litre, according to the Indian Oil Corporation’s.
The following the prices of non-branded petrol and non-branded diesel today:
Delhi-Rs 77.42, Kolkata-Rs 80.07, Mumbai -Rs 85.24 and Chennai-Rs 80.37.
Prices of non-branded Diesel in Delhi-Rs 68.58, Kolkata-Rs 71.13, Mumbai-Rs 73.02 and Chennai-Rs 72.40.
Oil Minister Dharmendra Pradhan on Thursday vowed to not allow petrol and diesel prices go out of reach of the common man, saying the government is working on a holistic solution to price volatility without going back on reforms.
Blaming geopolitics of oil, exchange rate fluctuations and local taxes for petrol and diesel prices touching a record high, he said the government is sensitive and will ensure that "poor, middle class are not pained."
"We will deal with the issue," he said at a news conference called to highlight his government's achievement in four years. "The government will take a holistic view (of the situation) so that petro prices do not pinch them. Government will do all that is possible."
Asked if the solutions under consideration include partial roll-back of fuel price deregulation, he said, "Not at all." "This question doesn't arise. This government is a pro-reform government and we cannot go back on what we have reformed," he said.
The government had deregulated or freed petrol pricing from its control in June 2010 and diesel in October 2014. It allowed revision of prices on daily basis since mid-June last year to reflect changes in cost instantly.
"We will not allow prices to go out of reach of the common man," he said.
Pradhan refused to say if the solution being considered includes asking oil producers like ONGC cough-up some money so that fuel can be subsidised, like it used to do till 2015. "I cannot discuss the solutions being considered," he said.
After hitting an all-time high of Rs 78.43 a litre for petrol and Rs 69.31 for diesel on May 29, rates have been cut on subsequent days on softening international oil prices and rupee strengthening against the US dollar.
Only four states -- Maharashtra, Gujarat, Madhya Pradesh and Himachal Pradesh -- reduced VAT following the October 3, 2017 cut in excise duty.
With inputs from agencies
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