Ripples Advisory, Indian Oil cuts petrol prices by 6 paise, diesel by 5 paise
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Diesel and petrol price today in Delhi are Rs69.20/litre and Rs78.29/litre, respectively, at Indian Oil petrol pumps
State-run Indian Oil Corp. Ltd today cut diesel and petrol prices by 5 paise and 6 paise per litre, respectively, after automobile fuel prices reached record highs on Tuesday.
Friday marked the third day of meagre petrol price cut that comes at a time when the government is exploring a mechanism that may involve state run Oil and Natural Gas Corp. Ltd (ONGC) share the subsidy burden on automobile fuels.
Diesel and petrol price today in Delhi are Rs69.20/litre and Rs78.29/litre, respectively, at Indian Oil petrol pumps.
Retail prices of petrol and diesel in India track the global prices of these auto fuels, not crude, though they are broadly linked to crude oil price trends, which have firmed up.
In response to a query about whether ONGC was asked to share the subsidy burden, chairman and managing director Shashi Shanker on Thursday evening said, “There has been no communication with regard to subsidy sharing.”
Petrol prices were raised daily since 14 May after three state-run firms—Indian Oil, Bharat Petroleum Corp. Ltd (BPCL) and Hindustan Petroleum Corp. Ltd (HPCL)—refrained from increasing prices since 24 April and paused it while the Karnataka election campaign was going on.
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