Diesel price cut by 10p to 11p today; Metro cities get relief; check rates here
For the Indian government, fuel is a major generator of revenue and that is why authorities have been reluctant to provide relief.
Unlike petrol, the state-owned Oil Companies today reduced prices of diesel at much lower rates in India for the 14th consecutive day. The product was brought down in the range of 10 paise to 11 paise per litre in various state capitals of India - especially, Chennai and Mumbai saw the most relaxation. The reduction was in line with international crude prices which were trading stable amid cautious optimism over the outcome of a summit between US President Donald Trump and North Korean leader Kim Jong Un in Singapore. With many state elections expected in the late 2018s, it has become very important for the NDA government to bring in relief for fuel products prices which were at record high last month. Moreover, petrol prices were cut by 15 paise each in these metro cities today.
Today, diesel price in New Delhi was down to Rs 67.85 per litre, after a cut in rates by 10 paise, compared to previous day's price of Rs 67.95 per litre.
Similarly, diesel price in Kolkata was ruling at Rs 70.40 per litre today, and was down 10 paise against previous day's price of Rs 70.50 per litre. This city has clocked over Rs 72 per litre rate after Mumbai and Chennai respectively.
India's financial hub Mumbai saw a cut of 11 paise in diesel price and is now selling at new price of Rs 72.24 per litre as against Rs 72.35 per litre of previous day.
In Chennai, the product was also below 11 paise and diesel was available at Rs 71.62 per litre today, compared to previous price of Rs 71.73 per litre.
Meanwhile, 1 litre diesel in other cities stood at Rs 69.02 in Bangalore, Rs 71.41 in Bhopal, Rs 72.73 in Bhubaneswar, Rs 65.89 in Chandigarh, Rs 68.18 in Dehradun, Rs 73.75 in Hyderabad, Rs 72.26 in Jaipur, Rs 68.00 in Lucknow, Rs 72.53 in Patna, Rs 73.25 in Raipur and Rs 71.24 in Srinagar.
According to a Reuters report, movements in crude markets were also limited ahead of a meeting between the Organization of the Petroleum Exporting Countries (OPEC) and some of its allies on June 22 that may determine the crude production policy of several major producers.
Therefore, Brent crude futures were trading at $76.45 per barrel at 0355 GMT, little changed from their last close. US West Texas Intermediate (WTI) crude futures were at $66.16 a barrel, up 6 cents from their last settlement.