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Petrol, diesel prices marginally up after 2-day halt; petrol at Rs 68.88 per litre in Delhi

FE Online
Petrol price at lowest level in 2018, diesel rates at 9-month low

Petrol price today: Oil marketing companies again hiked petrol and diesel prices on Thursday after a halt of two days across all major cities. Today, petrol is retailing at Rs 74.53 per litre in Mumbai. In Kolkata, New Delhi and Chennai, the fuel can be availed at Rs 71.01 per litre, Rs 68.88 per litre and Rs 71.47 per litre, respectively.

On the other side, diesel is at Rs 65.43 per litre in Mumbai, Rs 64.30 per litre in Kolkata, Rs 62.53 per litre in Delhi and Rs 66.01 per litre in Chennai, according to data available on the Indian Oil Corporation website.

On December 31, petrol prices touched their lowest level of 2018, while diesel rates reached their lowest since March-end. As per the country’s dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.

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Petrol and diesel prices have seen a decline of about Rs 10 in the recent past following an about 6% plunge in the global crude oil prices. Prices of diesel and petrol are at their lowest level since the all-time high in October 2018. Prices of the two fuels were slashed by almost Rs 15, wiping off the massive hikes in two months starting August 16. From August to October 4, the prices of petrol were raised by Rs 6.86 per litre and diesel by Rs 6.73.

Crude oil prices

Crude oil prices declined by 1% on Thursday, on strong US supply, Reuters reported. While the US West Texas Intermediate (WTI) crude oil futures were at $51.75 per barrel at 0113 GMT, down 61 cents, or 1.2%, from their last settlement, International Brent crude futures were down 1%, or 63 cents, at $60.81 per barrel.