The government on Friday cut the price of both petrol and diesel by Rs1.97 per litre, with immediate effect for the week ending July 10, to pass on part of the impact of lower global prices over the past week.
As such, the ex-depot price of high-speed diesel (HSD) was set at Rs309.50 for the next week instead of Rs311.47 at present, down Rs1.97.
The diesel price has come down from a peak of Rs520.35 recorded on April 3. Its price had started rising from Rs281 per litre after the US-Iran war broke out on February 28. HSD is considered the most inflationary fuel given its widespread use in freight transportation.
The ex-depot rate of petrol was set at Rs297.53 per litre for the next week against Rs299.50 at present, showing a decrease of Rs1.97. The petrol price had peaked at Rs458.41 on April 3 after beginning its upward trajectory from Rs266 in the first week of March.