Fuel prices underwent further reductions on Monday, making it the thirteenth consecutive day of a marginal decrease in prices. A litre of petrol now costs Rs 76.52 a litre, and diesel costs Rs 67.95 per litre. The Indian Oil Corporation reduced the prices by 19 to 21 paise in Delhi, Mumbai, Chennai and Kolkata.
Petrol was priced at Rs 79.25 a litre in Kolkata, Rs 84.41 per litre in Mumbai and Rs 79.48 in Chennai. A litre of diesel now costs Rs Rs 70.50 in Kolkata, Rs 72.35 a litre in Mumbai and Rs 71.73 in Chennai.
Fuel rates had breached record highs before dropping by 1 paisa per litre on May 30. They have continued to fall after that.
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.