Petrol price hiked by 19 paise, diesel by 29 paise in Delhi

The price of petrol in Delhi increased by 19 paise per litre on Saturday while that of diesel by 29 paise.

Petrol price was revised to Rs 69.26 per litre in Delhi and Rs 74.91 per litre in Mumbai.

With an increase of 29 paise and 31 paise in Delhi and Mumbai respectively, diesel prices were revised to Rs 63.10 and Rs 66.04 per litre.

On Friday, petrol was available at Rs 69.07 per litre in Delhi and Rs 74.72 per litre in Mumbai. While diesel was available for Rs 62.81 per litre in Delhi and Rs 65.73 per litre in Mumbai.

Rates vary from state to state depending on the rate of local sales tax or VAT.

Prior to this fourth increase of 2019, rates had cooled to a year low of Rs 68.29 for petrol and Rs 62.16 in case of diesel. This followed a decline in rates on almost all days since October 18, 2018.

In all, the petrol price has fallen by Rs 14.54 per litre since October 18, more than negating all of the hikes that were witnessed in the two-month period beginning mid-August. Diesel price has declined by Rs 13.53 per litre in two and a half months. 

Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.

Prices had started to climb from August 16.

After the consistent rise, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.

The prices also reduced due to the falling international prices and the appreciation of the money.

(With inputs from PTI)