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Fuel prices cut for fifth straight day; petrol at Rs 86.91 per litre in Mumbai

Fuel prices cut for fifth straight day; petrol at Rs 86.91 per litre in Mumbai

Fuel prices cut for fifth straight day; petrol at Rs 86.91 per litre in Mumbai
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By CNBC-TV18 Oct 22, 2018 8:52:39 AM IST (Published)

Fuel prices were cut for the fifth consecutive day on Monday with the petrol and the diesel coming down to Rs 86.91 per litre and Rs 78.54 per litre, respectively in Mumbai.

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The prices were also cut across the other three major cities - New Delhi, Kolkata and Chennai.
In New Delhi, Kolkata and Chennai, petrol prices were at Rs 81.44 a litre, Rs 83.29 a litre and Rs 84.64 per litre, while diesel stood Rs 74.92 a litre, Rs 76.77 a litre and Rs 79.22 a litre, respectively.
However, dealers in New Delhi will keep the petrol stations shut on Monday and Tuesday, demanding for reduction in value added tax (VAT) by Delhi government on fuel.
Earlier this month, the government reduced excise duty on petrol and diesel by Rs 1.50 per litre and said the oil marketing companies (OMC) will absorb the impact to the tune of Re 1 per litre.
Since mid-August, petrol and diesel prices have been on the rise. Various factors including rupee depreciation, high excise duty and rise in Brent crude oil rates have led to soaring domestic fuel prices.
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