Fuel Prices Continue To Dip For The Second Month

Modified On Aug 16, 2016 11:21 AM By Nabeel

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On the eve of Independence Day, Indian Oil Corporation Ltd. decided to add some extra joy to our celebrations. With effect from August 16, 2016, the price of petrol has been reduced by Re 1 per litre and that of diesel by Rs 2 per litre. This is the fourth time in a row that prices have been reduced. The last revision reduced petrol and diesel prices by Rs 1.42 and 2.01 per litre, respectively.

The statement from IOC reads, "The current level of international product prices of petrol & diesel and INR-USD exchange rate warrant decrease in the price of petrol and increase in the price of diesel, the impact of which is being passed on to the consumers with this price revision. The movement of prices in the international oil market and INR-USD exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes."

These are the revised fuel prices:

City Petrol (per litre) Diesel (per litre) Price Difference
Delhi Rs 60.09 Rs 50.27 Rs 9.82
Bengaluru Rs 64.51 Rs 53.84 Rs 10.67
Jaipur Rs 62.46 Rs 54.14 Rs 8.32
Mumbai Rs 65.04 Rs 55.64 Rs 9.4

Fluctuation witnessed since May:

Month Status Petrol (per litre) Diesel (per litre)
May Start Hike Rs 1.06 Rs 2.094
May Mid Hike Rs 0.83 Rs 1.26
June Start Hike Rs 2.58 Rs 2.26
June Mid Hike Rs 0.05 Rs 1.26
July Start Dip Rs 0.89 Rs 0.49
July Mid Dip Rs 2.25 Rs 0.42
August Start Dip Rs 1.42 Rs 2.01
August Mid Dip Rs 1.00 Rs 2.00

People can now relax a little since fuel prices have come down considerably. And since the reduction has happened for the fourth time in a row, we can be hopeful that the prices will stabilise around this price point, even if they don’t drop further in the future.

Also Read: Delhi Diesel Ban Revoked - But There's A Catch! 

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