The price cuts, although happening on a daily basis for the last 10 days, are not substantially, which is evident from the fact the petrol and diesel prices in Delhi on June 4 were Rs 77.96 a litre and Rs 68.97 a litre, respectively.
The previous PML-N government on the final day of its tenure approved a rise in margins on petrol as well as diesel, which would compel oil consumers to pay additional billions of rupees.
In case of diesel prices, Hyderabad remained on top with Rs 74.54 per litre.
Meanwhile, diesel was priced at Rs 68.58 per litre in the national capital, Rs 71.13 in Kolkata, Rs 73.02 in Mumbai and Rs 72.40 in Chennai.
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Ahead of the downward slide, fuel prices were hiked continuously for over two weeks, triggered by a spike in global crude prices. According to data available on Indian Oil Corporation website, petrol prices were cut by 21 paise per litre in Delhi, Mumbai and Kolkata while in Chennai, it became cheaper by 22 paise.
Fuel prices vary from state to state depending on local sales tax or VAT.
Since no revision in diesel margins was made like the way petrol margins were revised based on the CPI, the OMCs claimed that they suffered a loss of Rs485 million from November 2017 to February 2018. These reductions followed rates touching an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 for diesel in Delhi on May 29.
Rawat also said, "Higher oil prices significantly impact not just India's economy but household budgets as well as it leads to increase in the cost of transportation and therefore impacts a lot of other products in the inflation basket".