Published: Mon, November 05, 2018
Markets | By Otis Pena

Fuel prices continue to tumble

Fuel prices continue to tumble

LIOC said that the price of Lanka Auto Diesel will be reduced by Rs 11 per litre while the price of 92 Octane Petrol has been reduced by Rs 2. Compared to Thursday, petrol and diesel prices witnessed a decrease of 19 and 14 paise respectively in Delhi on Friday.

In Mumbai, petrol price stood at Rs 84.49 a litre and diesel rate is at Rs 77.06. Petrol and diesel prices were cut for the fourteenth consecutive day on softening worldwide oil prices, providing some relief to consumers battered by two months of relentless rate hikes.

However, the Delhi government had not reduced Value-Added Tax on petrol and diesel.

"Every motorist driving a petrol vehicle should feel aggrieved that the price of a litre stayed the same in October when it should have fallen by more than 3p", he said. Last week, Union Minister Dharmendra Pradhan had said that crude prices were not under the control of the Indian government and were determined by worldwide forces.

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There is some concern that higher wages might fuel inflation if companies turn around and increase prices for consumers. That incorporates revised data for September, which saw an unusually low jobs figure thanks to Hurricane Florence.

Drivers lost out as fuel retailers refused to cut petrol prices last month despite a drop in wholesale costs, a motoring firm has claimed.

Fuel prices have been declining since early October as oil companies factored in softening of global rates.

In Mumbai, petrol had hit a peak of Rs 91.34 on October 4 and diesel was sold at a record high of Rs 80.10.

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