Petrol price was cut by 19 paise a litre and diesel by 11 paise, according to the price notification of state-owned oil firms.
"Petrol and diesel prices in #Delhi are Rs 78.99 (decrease by Rs 0.19) and Rs 73.53 per litre (decrease by Rs 0.11), respectively". However, as the worldwide oil prices continued to rise, the price of petrol and diesel in Delhi increased to Rs 82.83 per litre and Rs 75.69 per litre by October 16.
The RAC slammed retailers for "taking drivers for a ride", as the wholesale price of petrol fell by 3.5p per litre during last month, but average forecourt prices started and finished October at exactly the same level. "That is the reason we took some burden on us", he said.
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In the other two metros, Chennai and Kolkata, petrol was sold at Rs. 82.06 and Rs. 80.89 respectively and diesel was sold at Rs. 77.73 and Rs 75.39 respectively. Hence there is a price cut of Rs 0.19/litre and 0.12/litre in petrol and diesel respectively. On that day, the government made a decision to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise by another Re 1 a litre by reducing their margins.
The retail selling price of petrol and diesel is dependent on the worldwide prices of benchmark fuel and the rupee-US dollar exchange rate. Due to that petrol and diesel are now cheaper in Noida compared to Delhi.