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Last Updated : Sep 12, 2020 05:06 PM IST | Source: Moneycontrol.com

Diesel price dips below Rs 73 per litre, petrol rate cut for the second time in 6 months

Diesel rates had gone up by Rs 12.55 a litre between June 7, when oil firms resumed revising prices in line with cost, and July 25.

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The price of diesel fell below Rs 73 per litre mark on September 12 while petrol saw a rate cut for the second time in six months, according to state-owned fuel retailers.

"While petrol price was cut by 13 paise per litre on September 12, diesel rates dropped by 12 paise," the price notification of a state-owned fuel retailer stated..

Petrol price in the national capital fell to Rs 81.86 a litre from Rs 81.99 per litre. This is the second reduction in rates in three days.

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Petrol price was for the first time cut in six months on September 10 when rates were reduced by 9 paise a litre.

Diesel price fell to Rs 72.93 per litre in the national capital from Rs 73.05.

Diesel rates had seen their first reduction since mid-March on September 3. Since then, rates have fallen by 63 paise.

The September 3 was the first reduction in diesel price since mid-March when Indian Oil Corporation (IOC), Bharat Petroleum Corporation (BPCL) and Hindustan Petroleum Corporation (HPCL) froze rates for 82 days to adjust a record hike in excise duty on auto fuels against falling benchmark cost.

Diesel rates had gone up by Rs 12.55 a litre between June 7, when oil firms resumed revising prices in line with cost, and July 25.

Diesel price has remained unchanged in the country since July 25, except in Delhi where a reduction in VAT lowered the rate by Rs 8.38 per litre.

Petrol price went up by Rs 9.17 per litre between June 7 and June 29 before hitting a pause.

The revision cycle again started on August 16 and rates have gone up by Rs 1.51 since then.

In all, the petrol price has risen by Rs 10.68 since June 7.

State-owned fuel retailers revise rates of petrol and diesel daily based on the average price of benchmark fuel in the preceding 15 days.

(With PTI Inputs)
First Published on Sep 12, 2020 05:06 pm
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