In what could bring relief to the consumers from relentless rate hikes, petrol prices witnessed further reduction on Wednesday. The petrol price in Delhi has been reduced by nine paise to retail at Rs 81.25 per litre, while it is being retailed at Rs 86.73 per litre after an eight paise reduction in Mumbai.
In what could bring relief to the consumers from relentless rate hikes, petrol prices witnessed further reduction on Wednesday. The petrol price in Delhi has been reduced by nine paise to retail at Rs 81.25 per litre, while it is being retailed at Rs 86.73 per litre after an eight paise reduction in Mumbai.
However, there is no decline in price of diesel in Delhi and Mumbai as it is being sold at Rs 74.85 per litre and Rs 78.46 per litre respectively.
The fuel prices had been witnessing a relentless hike since the past few months in the country, burning a hole in the common commuter's pocket.
On October 4, in a bid to ease the crunch caused by soaring fuel prices, Finance Minister Arun Jaitley, announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre.
Jaitley said that the interest rates in the United States and rupee fall has impacted the Indian Economy. Arun Jaitley said that the interest rates are currently at the highest mark in US.
"Excise duty to be reduced by Rs.1.50 and OMCs will absorb 1 rupee. So, a total of Rs 2.50 will be reduced on both diesel and petro", Jaitley said.
"Rs 10,500 Crore will be the impact of excise duty cut this year", he said.
"Several macroeconomic data is indicating stable measures. The first quarterly results have shown an 8.2% growth. Inflation is still moderate less than 4%", Jaitley added.
Jaitley said that in international markets, price of crude oil is constant rising and there's uncertainity across the globe. He aslo made clear rhat there won't be any impact on the fiscal deficit regarding the excise duty cut.
Meanwhile, Asian stocks edged lower on Wednesday as concerns, ranging from worries about U.S. corporate earnings to Middle East tensions, weighed on sentiment while crude oil approached two-month lows after Saudi Arabia flagged possible supply increases.
MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2 percent, extending the decline of more than 2 percent in the previous session.
Global stocks have suffered this week on worries about U.S. earnings, Italian government finances, U.S. trade tensions and mounting pressure on Saudi Arabia over the death of dissident journalist Jamal Khashoggi.
Saudi Arabia's diplomatic standing looked increasingly precarious as Turkey dismissed the kingdom's efforts to blame Khashoggi's death on rogue operatives while U.S. President Donald Trump said Riyadh staged the "worst cover-up ever."
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 "Petrol prices reduce by 9 paise in Delhi: Check out rates in your city")
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