Fuel prices continue to tumble

Petrol station fuel pump nozzles

"Every motorist driving a petrol auto should feel aggrieved that the price of a litre stayed the same in October when it should have fallen by more than 3p", he said.

Petrol and diesel prices were slashed again on Saturday after the price of crude oil dipped in the worldwide market.

Fuel prices continue to witness a downfall on Saturday, with petrol and diesel now being sold at Rs 78.99 and Rs 73.53 per litre respectively in the national capital. Today, petrol in Noida was sold at Rs 77.14 and diesel was sold at Rs 71.80. The fuel is being retailed at 77.73 per litre in the city.

Petrol price was cut by 19 paise a litre and diesel by 11 paise, according to the price notification of state-owned oil firms.

The RAC slammed retailers for "taking drivers for a ride", as the wholesale price of petrol fell by 3.5p per litre during last month, but average forecourt prices started and finished October at exactly the same level.

The Government this week reduced the price of fuel and also announced that the existing fuel price formula had been scrapped. The rates are off their record high of Rs 84 per litre for petrol and Rs 75.45 a litre for diesel touched on October 4.

However, the Delhi government had not reduced Value-Added Tax on petrol and diesel. This came down to Rs 81.50 per litre for petrol and Rs 72.95 in case of diesel.

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