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After a day of decline in petrol price by 10 to 15 paise across the country, the rates remained unchanged on September 2. Diesel prices were also not changed on the day, according to a price notification by state-run oil companies.
Petrol price in Delhi was cut to Rs 101.34 a litre and diesel to Rs 88.77 per litre on September 1. The prices remained the same on September 2 in the national capital.
In Mumbai, fuel prices witnessed a similar trend. The petrol price remained unchanged and retailed at Rs 107.39 a litre. The financial hub, on May 29, became the first metro in the country where petrol was being sold for more than Rs 100 per litre.
Diesel price also remained the same and sold at Rs 96.33 per litre in Maharashtra’s capital.
The fuel prices remain unchanged in Kolkata too, where a litre of petrol and diesel were retailed at Rs 101.72 and 91.84, respectively.
Chennai also retailed a litre of petrol at the same price - Rs 99.08. Diesel price also remained unchanged at Rs 93.38 per litre in Tamil Nadu’s capital.
The price cut follows international oil prices tumbling to their lowest level since May after the US Federal Reserve signalled it was set to start tapering asset purchases within months, hurting commodities and lifting the dollar.
India is near 85 per cent dependent on imports to meet its oil needs and so benchmarks local fuel rates to international oil prices.
Petrol and diesel price was last hiked on July 17. Prior to that, the petrol price was increased by Rs 11.44 a litre between May 4 and July 17.
Diesel rates had gone up by Rs 9.14 during this period. The price hike during this period pushed petrol prices above Rs 100-a-litre-mark in more than half of the country while diesel crossed that level in at least three states.