Petrol price falls below 76/litre mark in Mumbai, diesel also becomes cheaper
New Delhi: Petrol, diesel prices were slashed for the second straight day on Saturday as international crude prices made fresh lows and the Indian rupee appreciated against the US dollar. After Saturday’s price revision, petrol became cheaper by 19-20 paise across major cities of the country while diesel prices came down by up to 22 paise per litre.
In Mumbai, petrol prices fell below the Rs 76 mark to Rs 75.89 after today’s correction and diesel is retailing at Rs 67.17 as against Rs 67.39 yesterday, according to data available on Indian Oil Corporation website. Similarly, in the national capital Delhi, petrol is sold at Rs 70.27 as compared to Rs 70.46 on Friday and diesel is priced at Rs 64.19 as against Rs 64.39.
In Chennai and Kolkata, petrol is retailing at Rs 72.91 and Rs 72.36 respectively as compared to Rs 73.11 and Rs 72.55 the day before. Diesel in these cities was priced at Rs 67.77 and Rs 65.95 respectively.
In Noida, petrol is retailing at Rs 70.16 today as against Rs 70.31 on Friday while diesel is sold at Rs 63.58, down 17 paise compared to the previous day’s price.
International crude oil prices fell again on Friday. Brent crude futures closed 0.98 per cent lower at $53.82 a barrel yesterday, its lowest level since the third quarter of 2017. Worth mentioning here that oil prices have lost 11 per cent this week as global oversupply kept buyers away from the market ahead of the long festive break.
Meanwhile, the rupee has also appreciated over 2 per cent against the US dollar this week. The recent fall in crude oil price and the appreciation of rupee bode well for retail fuel prices in India. This implies retail fuel prices are likely to come down further in the coming days. Worth mentioning here that retail fuel prices in India depend on both international oil price and the rupee-dollar exchange rate.
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