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Petrol and diesel in India have declined by nearly 15 per cent each from the record high levels they had reached in October.
The double-whammy of high fuel cost and low fares necessitated by extreme competition magnified as the rupee depreciated and interest-rates remained high.
In Delhi, petrol price was at Rs 69.26 per litre, 29 paise down from the Friday's levels of Rs 69.55 per litre. In Kolkata, Mumbai and Chennai too, prices of the fuel fell to new lows for the year.
Unexpected halts at a batch of refineries, particularly in Germany, caused the diesel market in Europe’s Amsterdam-Rotterdam-Antwerp trading hub to surge in the past several months as stockpiled up.
The dip in fuel price come after the United States recently softened its stand on Iran's sanctions and allowed eight countries to continue importing oil from Iran temporarily.
Due to fall in crude oil prices, petrol sells at Rs. 77.10 per litre and Rs 82.62 per litre in Delhi and Mumbai respectively.
Soaring fuel costs in Delhi are hampering Value Added Tax (VAT) revenue for the capital, according to figures released by the government.
In Mumbai, a litre of petrol is being retailed at Rs 83.72 (decrease by Rs 0.20), while diesel is being sold at Rs 76.38 per litre (decrease by Rs 0.19).
In Delhi, petrol now costs Rs 81.74 a litre and diesel is priced at Rs 75.19 per litre while in Mumbai, petrol is sold at Rs 87.21 per litre and diesel at Rs 78.82.
Fuel prices continued its upward trend on Sunday, with petrol being retailed at Rs 82.72 per litre and diesel at Rs 75.38 in the national capital.
With the festival season on, secretary of Mahila Pragatisheel Association (MPA) Ritu Bhatia said the residents are being forced to use private vehicles in the capital due to lack of public transport.
The Centre has maintained that prices of fuel have reached record highs due to an increase in global crude oil prices and depreciation of the Indian rupee.
'It's not a symbolic agitation, it will go on till the Arvind Kejriwal government slashes VAT on petrol and diesel,' Goel said.
The Union Minister said his earlier request to the Chief Minister was rejected by the State Government.
Kerala Finance Minister TM Thomas Isaac said the state will not reduce tax on petroleum products.