Petrol-diesel prices down 9 paise on lower crude cost, stronger rupee

New Delhi, June 2 (IANS) Lower global crude oil cost, along with a strengthened rupee, pulled the prices of key transportation fuel -- petrol and diesel -- down by around nine paise in the four metro cities.   On Saturday, Brent crude oil prices slipped to around $76 per barrel from $77 a barrel as global supply concerns eased. A decline in global crude oil prices in turn lessen the cost of refined products like gasoline or petrol.   As per the country's pricing mechanism, the domestic petrol prices are dependent on the international fuel price on a 15-day average.   Besides, the Indian rupee has strengthened.   On a weekly basis, it appreciated by 72 paise to close at 67.06 against the US dollar from its previous week's close of 67.78 per greenback.   Consequently, in the national capital, petrol was sold at Rs 78.20 per litre, down from Rs 78.29 on Friday, data on the Indian Oil Corp's website showed.   In Mumbai and Chennai, petrol prices were at Rs 86.01 and Rs 81.19 a litre, respectively, down nine paise from Friday's levels.   In Kolkata, petrol price fell by eight paise to Rs 80.84 per litre.   Prices of the key transportation fuels have been cut marginally on a daily basis, under the dynamic pricing system since May 30, as global crude oil prices began to ease.   In tandem with petrol prices, diesel prices also witnessed a decline. In Delhi, Kolkata, Mumbai and Chennai, the fuel was sold at Rs 69.11, Rs 71.66, Rs 73.58 and Rs 72.97 per litre -- all prices down nine paise from Friday's levels.   The recent surge in prices of key transportation fuel was attributed to a rise in crude oil cost, which rose till last week, and the high excise duties levied on the fuel in the country.  

Working towards long-term solution to petrol price hike: Minister

  Kolkata, June 2 (IANS) Union Minister Prakash Javadekar on Saturday said the Centre is looking at a 'long term' fix to the issue of the rise in petrol and diesel prices, adding that the solution lies with state governments also as they too levy their taxes.   He said petrol prices were de-regulated during the rule of the Congress-led United Progressive Alliance government.   "Government is working on a long-term solution with states. They are also equal stakeholders. They also levy their taxes and therefore all have to work together to come out with a solution," HRD Minister Javadekar told reporters here.   The Central government regulated fuel prices in the country till 2010, when they were de-regulated.   Now, the prices are revised by oil companies mostly under the free-market system.   On June 16 last year, oil companies decided to revise prices on a daily basis, instead of every fortnight, as per international practice.   On Saturday, prices of petrol and diesel fell around nine paise in four metro cities.   "The issue is petrol and diesel prices. It is an international phenomenon and during Congress regime, they de-regulated petrol," Javadekar added.