Did you notice your petrol, diesel prices have come down by over Rs 4 in the past 10 days?

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Oil companies have started changing price of petrol and diesel every day since June 16, 2017. Did you realise that over the past 11 days, price of petrol and diesel have actually come down by at least Rs 3 and Rs 2.4, respectively?

On June 16, 2017, Dharmendra Pradhan, Minister of Petroleum of Natural Gas tweeted, “After the complete transformation of the LPG sector, dynamic fuel pricing is the first major reform of recent times in Fuel Retailing Sector.”

Pradhan added, “With this historic step towards transparency and customer interest, the Indian Oil & Gas industry has joined the elite league of countries like USA and Australia wherein fuel prices are revised on a daily basis.”

Daily data of fuel prices provided by Indian Oil showed that petrol and diesel prices have come down in four metro cities namely New Delhi, Kolkata, Mumbai and Chennai.

In percentage terms, decline in petrol prices was most in Chennai and New Delhi.

Petrol prices stood at Rs 69.93 per litre in Chennai till June 15, 2017, have come down by nearly 6% to Rs 65.89 per litre as on date.

In New Delhi, where petrol prices were at Rs 66.91 per litre on June 15, 2017, declined by 5.16% to Rs 63.46 per litre presently.

Also Mumbai and Kolkata have seen over 4% decline each in petrol price so far.

In case of diesel, highest decline was seen in Chennai of nearly 5%, followed by Mumbai (4.51%), Kolkata (4.44%) and New Delhi (4.3%).

On June 16, 2017, Indian Oil lowered prices of petrol by Rs 1.12 per litre excluding state levies, while diesel prices were brought down by Rs 1.24 per litre excluding state levies.

Since then, the Indian Oil kept revising down petrol and diesel prices in the range of  1 paisa to 20 paisa daily. 

After petrol and diesel, oil marketing companies are also looking to revise CNG prices on a daily basis. 

Compressed Natural Gas (CNG) are fuel that can be used as an alternative to petrol, diesel and propane/ LPG. CNG combustion produces fewer undesirable gases than the fuels mentioned above.

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