Petrol price cut by 21 paise; total reduction reaches Rs 4.05 in 18 days
New Delhi, Nov 4: Petrol price has been cut by over Rs 4 per litre and diesel by Rs 2.33 in the last 18 days on softer international rates, a pace faster than the spike in prices witnessed in the two-month period beginning mid-August.
Petrol price Sunday was cut by 21 paise a litre and diesel by 17 paise, according to a price notification issued by state-owned fuel retailers.
In Delhi, petrol now costs Rs 78.78 per litre while diesel is priced at Rs 73.36, it said. Petrol in Mumbai costs Rs 82.28 and diesel Rs 76.88.
With this, the reduction in rates in last 18 days now totals Rs 4.05 per litre for petrol and Rs 2.33 for diesel. Rates have been on the decline since October 18.
Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.
Prices had started to climb from August 16. Petrol in Delhi was priced at Rs 77.14 and in Mumbai at Rs 84.58 per litre on August 15. Diesel on that day was priced at Rs 68.72 per litre in Delhi and Rs 72.96 in Mumbai. Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73.
On that day, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.
Subsequent to this, the petrol price came down to Rs 81.50 per litre in Delhi and diesel to Rs 72.95 a litre on October 5. In Mumbai, rates fell to Rs 86.97 per litre for petrol and Rs 77.45 in case of diesel.
As the international oil prices continued to rise, price of petrol and diesel in Delhi increased to Rs 82.83 and Rs 75.69 on October 17. In Mumbai, rates touched Rs 88.29 a litre for petrol and Rs 79.35 for diesel.
But since then, international oil prices have been falling and rupee has also appreciated, resulting in decline in retail rates.
Industry sources said as per the assessment, the retail prices of petrol and diesel may reign easy in the next few days.
The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of country's requirement is met through imports.
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No contract was signed with Muzarabani for PSL stint, but verbal agreement was reached: PCB
Karachi (PTI): The Pakistan Cricket Board admitted that no contract was ever sent to Blessing Muzarabani to play in the PSL but insisted that a firm verbal agreement was reached with the Zimbabwe pacer and he had breached the trust while joining the Indian Premier League.
The PCB recently imposed a two-year ban on Muzarabani from playing in the PSL claiming he breached a contract with Islamabad United and joined IPL side Kolkata Knight Riders.
The fast bowler’s agent, Rob Humphries tore into the PCB on Sunday in a social media post for the ban and claimed his client neither took part in the PSL players auction nor signed any contract with Islamabad United.
Humphries said the ban was excessive and unjustified.
But sources in the PCB while conceding no contract was signed with Rabbani claimed that a clear verbal agreement between both the parties was reached.
The source said this was also clear in the PCB announcement about the ban that despite a clear offer and an unequivocal acceptance of essential terms, the player chose to disregard these obligations in favour of a conflicting arrangement.
The PCB source said once essential terms — including remuneration and structure — are agreed upon through written correspondence, a binding obligation is formed.
But Humphries said after talks began with Islamabad United they had made it clear that unless they had a contract they couldn’t apply for an NOC from the Zimbabwe Cricket.
“We've remained quiet publicly over the last six weeks because we did not wish to create or cause anymore animosity for the Pakistan Super League/Pakistan Cricket Board than they had already created for themselves,” Humphries’ statement said.
"[On] 13 February, Blessing [was] approached by Islamabad United about a playing opportunity for the 2026 PSL. The deal [was] agreed subject to obtaining a No Objection Certificate (NOC) from Zimbabwe Cricket.
“An NOC cannot be obtained without a contract from the PSL. Islamabad United/PSL announced the signing to the world via social media,” it said.
Humphries further urged the PCB to gracefully withdraw the ban and accept this situation risen out of an administrative error at their end.
Muzarabani was taken by Islamabad as a replacement for West Indian pacer Shamar Joseph for USD 40,000.
