MUMBAI: Petrol price in Mumbai on Saturday is at Rs 83.06 a litre.
Earlier, petrol prices in India were reviewed and changed every fortnight before the Union government decided to deregulate the prices.
The government decided to go for daily revision of fuel prices with effect from June 16, 2017. The fuel price revision by oil companies like Indian Oil, HPCL and BPCL came as good news for consumers.
The daily revision has taken the sting out of price hikes as they would be in small doses — sometimes could even go unnoticed.
Politically, a daily revision will help the government sidestep the political fallout of consumer ire.
Petrol price was freed from government control in June 2010. The Government of India used to give a considerable amount of subsidy of the petrol price. But, now the government has given up the control over the fuel price and lets the market decide its fate. Now, instead of using fortnightly average, pump rates will reflect daily movement in international oil prices and rupee-US dollar fluctuations.
With the daily price change, the consumer will be more aligned to market dynamics.
Daily revision of petrol prices has set new standards of transparency, encourages automation drive of petrol pumps and better stock management practices. It is a win-win situation for consumers, industry as well as dealers.
Now, with global crude oil prices dictating pricing scheme, petrol and diesel prices are revised on a daily basis.
Earlier, petrol prices in India were reviewed and changed every fortnight before the Union government decided to deregulate the prices.
Today: On Saturday 30th of June, the Petrol Price in Mumbai was Rs. 83.06 per litre.
On Friday 29th of June, the Petrol Price in Mumbai was Rs. 83.06 per litre.
On Thursday 28th of June, the Petrol Price in Mumbai was Rs. 83.12 per litre.
On Wednesday 27th of June, the Petrol Price in Mumbai was Rs. 83.12 per litre.
On Tuesday 26th of June, the Petrol Price in Mumbai was Rs. 83.12 per litre.
On Monday 25th of June, the Petrol Price in Mumbai was Rs.83.30 per litre.
Previous week:
On Sunday 24th of June, the Petrol Price in Mumbai was Rs.83.44 per litre.
On Saturday 23th of June, the Petrol Price in Mumbai was Rs.83.61 per litre.
On Friday 22th of June, the Petrol Price in Mumbai was Rs.83.74 per litre.
On Thursday 21th of June, the Petrol Price in Mumbai was Rs.83.92 per litre.
On Wednesday 20th of June, the Petrol Price in Mumbai was Rs.84.06 per litre.
On Tuesday, 19th of June, the Petrol Price in Mumbai was Rs. 84.06 per litre.
On Monday, 18th of June, the Petrol Price in Mumbai was Rs. 84.18 per litre.
Previous week:
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