Petrol & Diesel price are hiked; check out the price here

The petrol price in Delhi today is Rs 77.42 per litre while that of diesel is Rs 68.58 after Indian Oil slashed the fuel prices for the 10th consecutive day the dynamic pricing regime. In Mumbai, the petrol price on June 8 (Today) is Rs 85.24 per litre and diesel Rs 73.02 a litre. 

The price cuts, although happening on a daily basis for the last 10 days, are not substantially, which is evident from the fact the petrol and diesel prices in Delhi on June 4 were Rs 77.96 a litre and Rs 68.97 a litre, respectively. Between yesterday (June 7) and today (June 8) the prices slashed were 21 paise and 15 paise for petrol and diesel (Delhi rates), respectively. So, over the last five days the reduction does not even amount to a rupee. It had emerged last week that government may ask state-owned Oil and Natural Gas Corp (ONGC) to bear fuel subsidy to help cut petrol and diesel prices.

The government does not want to cut excise duty and is looking at alternative means to reduce petrol and diesel prices that had on May 29 touched an all-time high of Rs 78.43 per litre and Rs 69.31 a litre respectively. Lower global crude oil cost, along with a strengthened rupee, has pulled down the prices of transportation fuels since May 30. On June 6, Oil Minister Dharmendra Pradhan vowed to not allow petrol and diesel prices go out of reach of the common man, saying the government is working on a holistic solution to price volatility without going back on reforms.