The Indian Oil Corporation on Friday reduced the price of petrol by 7 paise and diesel by 5 paise following cues from international oil rates. A litre of petrol in Delhi now costs Rs 78.29, while diesel will cost Rs 69.20 per litre.

The price of a subsidised liquefied petroleum gas cylinder, however, has been increased by Rs 2.2 and by Rs 77 for non-subsdised cylinder in New Delhi. The price per subsidised LPG cylinder in Kolkata, Mumbai and Chennai is Rs 496.65, Rs 491.31 and Rs 481.84 respectively, ANI reported.

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In New Delhi, the price of a non-subsidised cylinder had risen to Rs 1,244.50, in Mumbai Rs 1,196 and Rs 1,291 and Rs 1,334 in Kolkata and Chennai.

Today’s fuel prices

In Kolkata, a litre of petrol costs Rs 80.92, in Mumbai Rs 86.10 and in Chennai Rs 81.28. A litre of diesel costs Rs 71.75 in New Delhi, Rs 73.67 in Mumbai and Rs 73.06 in Chennai.

Price control

State-run oil companies had resumed the dynamic pricing mechanism on May 14 after prices were froze for 19 days between April 24 and May 13, when campaigning was on for the Karnataka Assembly elections.

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International crude oil prices had risen during this period, while the rupee fell against the United States dollar – both factors make fuel costlier. Oil companies are estimated to have lost about Rs 500 crore because of the price freeze for three weeks, PTI reported.

On Wednesday, oil prices dropped to about $75 a barrel after Saudi Arabia and Russia announced their decision to relax restrictions on supply that had led to an increase in crude prices, Reuters reported.

On May 24, Union Minister of Petroleum and Natural Gas Dharmendra Pradhan had said the Centre is considering bringing petroleum products under the purview of the Goods and Services Tax. Earlier, he had said the Centre is deliberating on an “immediate solution” to control rising fuel prices.