New Delhi, May 30: Petrol and diesel prices finally dropped on Wednesday. After 16 days, the petrol prices went down by 60 paise in Delhi and 59 paise in Mumbai to cost Rs 77.83 per litre and Rs 85.65 per litre, respectively. On the other hand, diesel prices went down by 56 paise in Delhi and 59 paise in Mumbai to cost Rs 68.75 per litre and Rs 73.20 per litre, respectively.

On Tuesday, the petrol and diesel price surged continuously for 16th consecutive day since dynamic pricing system was resumed on May 14. The petrol price on May 29 rose by 16 paise to Rs 78.43 per litre in New Delhi and to Rs 86.24 per litre in Mumbai. The cost of diesel also saw an increase to cost Rs 69.31 per litre in Delhi and Rs 73.79 a litre in Mumbai. In Kolkata, the petrol was being sold at a rate of Rs 81.06  per litre whereas, in Chennai, the rate was Rs 81.43 per litre on Tuesday.

In the past 16 days, petrol prices in four metro cities – Delhi, Mumbai, Chennai, Kolkata – have increased by over Rs 3 per litre. The reason behind the increase in petrol prices in the country is the rise in the crude oil cost and high excise duty levied on the particular fuel type.

Breaching the previous high of Rs 76.06 per litre touched in New Delhi on September 14, 2013, petrol touched an all-time-high on Monday to cost Rs 78.43 per litre up by Rs 0.16 (0.2%).

Considering that tax form a major constituent of fuel prices, Minister of Petroleum and Natural Gas Dharmendra Pradhan on Monday said, the government wants to bring petroleum products under the goods and services tax (GST) regime in the long run.

“I have already categorically stated this issue several times. The present oil price hike is due to three main factors — hike in the international price of crude, fluctuation in the dollar and Indian currency ratio and some of the tax issues are also there. For long-term solutions, the government of India is planning for a holistic strategy. Bringing petroleum products within the ambit of GST is one among them. We are sensitive, let’s see how things are unfolding,” he told reporters.