Ahead of the Maharashtra Assembly elections in 2014, the Bharatiya Janata Party (BJP) had promised a reduction in petrol and diesel prices in the state in its poll manifesto.
The saffron party managed to gain power in Maharashtra in alliance with Uddhav Thackeray’s Shiv Sena. On October 31, 2014, Fadnavis took oath as the chief minister of the first BJP government in Maharashtra at a gala public function at Wankhede stadium in Mumbai.
On the next day, November 1, 2014, the price of petrol was Rs 71.91 per litre while diesel was at Rs 61.04 per litre in Mumbai, according to Indian Oil Corporation Limited (IOCL).
In five years, Mumbai saw petrol prices cross Rs 90 per litre mark. The price of a litre of diesel had also gone above Rs 80. On October 4, 2018, the price of petrol was Rs 91.34 per litre while diesel was at Rs 80.10 per litre.
In view of skyrocketing fuel prices, the central government had reduced the central excise duty levied on petrol and diesel by Rs 1.50 to ease the burden on consumers. In addition to this, the oil marketing companies (OMCs) cut their prices by Re 1, resulting in an effective fuel price cut of Rs 2.50. Right after this, the state government of Maharashtra announced a relief of Rs 2.50 over local taxes on transportation fuels.
The move cut prices of petrol and diesel to Rs 86.97 per litre and Rs 77.45 per litre respectively. However, the relief was short-lived, as prices again started increasing from the next day. This upward trend continued till October 18, after which it again started falling.
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Petrol prices have remained above Rs 73 per litre in the financial capital. Rs 73.95 per litre was the lowest price of petrol in Mumbai, recorded on January 5-6, 2019, since the October 2018 hike. In case of diesel, prices never went below Rs 65 mark. After October 2018, Rs 65.04 per litre was the lowest diesel price recorded in Mumbai, as on January 6, 2019.
Currently, petrol and diesel prices in Mumbai are at Rs 78.88 per litre and Rs 69.61 per litre, respectively, as per price notification of IOCL on October 17.
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