New Delhi, Jun 1: Petrol Price, along with diesel, witnessed a cut for the third consecutive day on Friday. With a reduction of of 6 paise, petrol in Delhi cost Rs 78.29 per litre. On the other hand, diesel price has been slashed by 5 paise to cost Rs 60.20 per litre in the national capital today. The Kerala government will slash fuel prices in the state by Re 1 effective from June 1.

On June 1, petrol costs Rs 80.92 per litre in Kolkata while diesel is at Rs 71.75 per litre. On the other hand, petrol price is Mumbai and Chennai today is Rs 86.10 and Rs 81.28 per litre, respectively. Diesel rate in both the metro cities is Rs 73.67 and Rs 73.96 per litre.

Earlier on Thursday, the petrol price was down by 7 paise to cost Rs 78.35 a litre whereas, diesel rate was cut to Rs 69.25 per litre.

Petrol and diesel prices were on Wednesday cut by 1 paisa a litre each after a 16-day relentless price hike that followed lifting of a nearly three-week hiatus on price revision just before Karnataka went to polls. On Tuesday, rates touched an all-time high of Rs 78.43 per litre for petrol and Rs 69.31 for diesel in Delhi.

Explaining the 1 paisa drop in fuel prices, Petroleum Minister Dharmendra Pradhan said, “Since we moved to the mechanism of daily price change, prices have gone up & down by 1 paisa, 12 paise, 27 paise etc; it is not for the first time that there has been a change of 1 paisa. However, today one of your employees made a mistake & we accept it.”

Hailing Kerala government’s move of cutting the fuel price by Re 1, he had said, “I welcome it. One must also note that Kerala is one of the highest tax collecting states and when we appealed (for fuel price cut), their Finance Minister gave negative statement, but now they took responsibility, I thank them for it…They did good by reducing the price. All states, whether governed by the BJP or Opposition, should try to reduce fuel prices but each state has different priorities & responsibilities.”

Prices vary from state-to-state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals. In the 16 consecutive increases since May 14, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38.