Petrol 24, diesel 10 paise down for the first time since relief measures

Mumbai: Lower crude oil cost pulled the prices of key domestic transportation fuels -- petrol and diesel -- lower in the national capital on Friday by 24 and 10 paise respectively.

Now petrol is priced at Rs 82.38 per litre and diesel is Rs 75.48 in the national capital.

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The key transportation fuel was priced at Rs 87.84 and diesel at Rs 79.13 in financial capital city of India, Mumbai.

On Thursday, a minimal cut in the prices of petrol and diesel was seen, where petrol went 21 paise and diesel went 11 paise down. The diesel price in Mumbai was at Rs 79.24 from its previous price of 79.35 on Wednesday.

On Wednesday the fuel price remain constant, with slightly lowered International crude oil prices.

As per the country's pricing mechanism, the domestic fuel prices depend on international fuel prices on a 15-day average besides the value of the rupee.

Prices vary from region to region due to local taxes, as the product is excluded from the GST regime. Delhi has the lowest tax rate among the four metro cities.

In tandem with petrol, the cost of diesel declined on Thursday across all metros by 11 paise.

On a daily basis, the decline in petrol and diesel prices comes nearly a fortnight after Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies (OMCs) had been mandated to reduce prices of petrol and diesel by Re 1 a litre. This is the first time after the announcement that the prices have come down.

The downward revision also comes on the back of multiple factors such as lower international crude oil cost. On Friday, the Brent crude is priced below $70 per barrel, which in recent past traded around $85 a barrel and $80 per barrel on Thursday.

With IANS Inputs