Zee Media Bureau
New Delhi: Oil marketing companies (OMC) cut the prices of petrol and diesel by much lower than an anticipated decrease as the OMCs left cushion for the government to mop up gains accruing from global oil prices dipping to multi-year lows.
After the latest reduction, petrol will cost Rs 59.98 in Delhi while diesel will cost Rs 46.09 per litre.
This is perhaps the second last (We say second last because another meeting at the month end to discuss fuel price is impending) cut of the year.
Let's have a look at hike and reduction in petrol and diesel price in 2015
January: Petrol price was cut by Rs 2.42 while diesel price was reduced by Rs 2.25 per litre. Meanwhile, the government raised the excise duties on petrol and diesel by Rs 2 a litre.
February 3: Petrol price was cut by Rs 2.42 while that of diesel was cut by 2.25 per litre.
April 1: The retail price of petrol was cut by 49 paise per litre and that of diesel by Rs 1.21 per litre.
April 15: Petrol price was cut by 80 paise per litre and in diesel there was a reduction by Rs 1.30 a litre.
June 15: Petrol price was hiked by 64 paise a litre, but diesel price was cut by Rs 1.35 per litre.
June 30: Petrol prices were cut by 31 paise per litre and diesel by 71 paise a litre.
July 15: Petrol and diesel prices were cut by Rs 2 per litre, excluding local levies.
July 31: Petrol price was cut by Rs 2.43 per litre and diesel by Rs 3.60 a litre.
August 14: Petrol price was cut by Rs 1.27 per litre and diesel by Rs 1.17 a litre.
August 31: Petrol price was cut by Rs 2 per litre and diesel by Rs 0.50 a litre.
September 16: A rupee one per litre hike in petrol and Rs 2.28 a litre increase in diesel prices necessitated due to firming global oil rates.
October 15: Diesel price was hiked by 95 paise per litre but there was no change in petrol rates.
November 30: The price of petrol was cut by 58 paise per litre and that of diesel by 25 paise.
December 15: Petrol price was cut by 50 paisa and diesel by 46 paisa a litre.