Petrol prices were cut for the sixth consecutive day as the prices were slashed by 15 paise on Monday. In the last six days, petrol prices have been lowered by 47 paise per liter in Delhi and Mumbai, 46 paise per liter in Kolkata and 49 paise per liter in Chennai, data from IOC website showed.
Diesel prices have come down by 34 paise per liter in Delhi and Kolkata, and 36 paise per liter in Mumbai and Chennai. However, the slash in prices comes after 16 consecutive days of hike following the Karnataka election. Petrol prices had risen by more than Rs 3.7 in the four metros, following two weeks of consecutive increase in rates.
A government official says that ONGC’s contribution could pare the required price increase in petrol and diesel by one-third with an additional marginal relief provided by reducing the dealers’ commission by 18 paise per liter on diesel and 23 paise per liter on petrol. Further, ONGC’s burden-sharing would provide close to Rs 30,000 crore for this exercise, which is equivalent to an Rs 2-per liter cut in excise duty on both petrol and diesel.