Petrol, diesel price cut for second day straight on Saturday

New Delhi: Petrol, diesel prices were slashed for the second day straight on Saturday. After the price revision, petrol became cheaper by 15-16 paise across major Indian cities while diesel became cheaper by 18-20 paise. In Delhi, while petrol is retailing at Rs 68.29  today as against Rs 68.44 on Friday, diesel is sold at Rs 62.26, as compared to Rs 62.44 per litre yesterday. Petrol prices are at the lowest level in over one year while diesel prices are at a nine-month low. 

In Mumbai, petrol price dipped below Rs 74 mark after Saturday’s price revision. Petrol is priced at Rs 73.95 today. Diesel in the economic capital is retailing at Rs 65.14, down 20 paise compared to Rs 65.34 on Friday. In Noida, petrol prices went below Rs 69 mark and it is retailing at Rs 68.62 per litre. Diesel price in the city also dipped below Rs 62 mark and it is now priced at Rs 61.94 per litre.

In Chennai, petrol price fell below Rs 71 mark after today’s price cut and is retailing at Rs 70.85. Diesel in Chennai is sold at Rs 65.72 on Saturday. In Kolkata, while petrol became 15 paise cheaper and is sold at Rs 70.43, diesel became cheaper by 18 paise and is selling at Rs 64.03 per litre.

It may be noted that petrol, diesel prices have fallen close to 20 per cent from the highs made in early October last year, as crude prices are down nearly 40 per cent in these three months. The crude price fall is beneficial for India since the country imports more than 80 per cent of its crude requirement. The decline will help in lowering the current account deficit of the country and will cool inflation further and will also raise hopes for a repo rate cut from the RBI.

It is worth mentioning that oil prices fell on Friday after the United States followed most other major economies into a manufacturing downturn, although supply cuts by producer club OPEC kept declines in check. International Brent crude futures closed 3.61 per cent up at $57.41 per barrel on Friday.

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