State-owned oil firms reduced fuel prices for the 10th consecutive day on Friday. The reduction in prices was the maximum since May 30 – as much as 21-22 paise per litre for petrol and 15-16 paise for diesel.
The price of a litre of petrol in Delhi came down to Rs 77.42 on Friday from Rs 77.63 the previous day, according to Indian Oil Corporation. Petrol was priced at Rs 80.07 in Kolkata, Rs 85.24 in Mumbai and Rs 80.37 in Chennai on Friday.
A litre of diesel was priced at Rs 68.58 in Delhi, Rs 71.13 in Kolkata, Rs 73.02 in Mumbai and Rs 72.40 in Chennai on Friday.
Ever since fuel prices dropped by 1 paisa per litre on May 30, they have continued to fall. Since then, the price of petrol in Delhi has dropped by 46 paise a litre and that of diesel by 73 paise.
State-run oil companies had resumed the dynamic pricing mechanism on May 14 after prices were frozen for 19 days between April 24 and May 13, when campaigning was on for the Karnataka Assembly elections. Oil companies are estimated to have lost about Rs 500 crore in the period because of that price freeze.