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Government cuts petrol, diesel prices after 16 days of consecutive hike

After over a fortnight of continuous hike in fuel prices, petrol and diesel costs across the country saw minor reductions on Wednesday.

The petrol prices have been cut down by 60 paise in Delhi and 59 paise in Mumbai while diesel price went down by 56 paise in Delhi and 59 paise in Mumbai.

In Delhi, petrol per litre came down by 60 paise amounting to Rs 77.83. For Mumbai and Kolkata the relief equalled to around 59 paise with petrol selling at Rs 85.65 and Rs 80.47 per litre respectively. In Chennai, petrol per litre costs Rs 80.80, around 63 paise short from Tuesday’s rate.

Diesel prices across the country have also mellowed down a bit with the fuel selling at Rs 68.75 per litre in Delhi, at Rs 73.20 per litre in Mumbai while for Kolkata and Chennai the prices stood at Rs 71.30 and Rs 72.58 per litre respectively.

Petrol and diesel prices in India are linked to Singapore gasoline prices GL95-SIN and Arab Gulf diesel prices GO-AG, which mostly track movements in crude oil prices LCOc1.

Petrol, diesel prices vary from state to state due to local taxes. Domestic petrol and diesel prices touched a record high on Friday.

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