Petrol, diesel prices cut on Saturday

New Delhi: Petrol and diesel prices continued to drop on Saturday in major cities across the country. After today’s price revision, while petrol became 6-8 paise cheaper, diesel price went down 5-7 paise. In National Capital Delhi, petrol price went down 5 paise to Rs 72.81 per litre. Diesel was retailing at Rs 65.80 per litre. In Mumbai, a litre of petrol was priced at Rs 78.48 on Saturday. Diesel in the economic capital was retailing at Rs 68.99 per litre.

It is worth mentioning that petrol, diesel are the cheapest Delhi among all metros and most state capitals due to lower taxes. According to the country’s daily pricing mechanism, the pump prices of petrol and diesel are dependent on the global crude prices and the rupee-US dollar exchange rate.

The rupee appreciated by 11 paise to close at 70.81 against the US dollar on Friday due to fag-end selling of the greenback by banks and importers amid persistent foreign fund inflows.

In Kolkata, petrol today was priced 3 paise cheaper at Rs 75.52 per litre. Diesel was retailing at Rs 68.19, same as on Friday. In Chennai, while petrol was retailing at Rs 75.67 per litre, diesel was priced at Rs 69.52.

In Noida petrol became 2 paise cheaper was retailing at Rs 74.57 per litre on Saturday. Diesel price in the city remain unchanged and it was retailing at Rs 66.09 per litre. In Gurugram, petrol today was priced at Rs 72.77 per litre. Diesel today in the city was selling at Rs 65.12 per litre.

Crude Oil prices rose nearly 4% on Friday on signs of progress in U.S.-China trade talks and stronger-than-expected economic data in both countries, including U.S. employment and Chinese manufacturing activity numbers. While Brent crude ended the session up $2.07, or 3.5%, at $61.69 a barrel, West Texas Intermediate crude settled $2.02, or 3.7% higher at $56.20 a barrel. Brent crude notched a drop of about 0.4% for the week and West Texas Crude fell about 0.8% in the week.
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