New Delhi: On the downward trend since October 2018, petrol price is now at a 15-month low in India while the price of diesel is back to where it was in March last year. State-run oil retailers, which are no more bearing a loss of Re 1 on fuel sales as asked by the government after last year’s price hike, did not change the fuel price today. A litre of petrol now retails at ₹ 68.65 in Delhi, ₹ 69.21 in Bengaluru, ₹ 74.30 in Mumbai, ₹ 71.22 in Chennai and ₹ 70.78 in Kolkata.
Diesel is priced at ₹ 62.66 in Delhi, ₹ 63.01 in Bengaluru, ₹ 65.56 in Mumbai, ₹ 66.14 in Chennai and ₹ 64.42 in Kolkata. Fuel price chart shows that petrol is now at its lowest rate since October 2017. In the last three months alone, it has lost around ₹ 15.
Prices of the two automobile fuels had reached a peak in October last year after which both government intervention and a reduction in crude oil rates did not allow prices to rise further. Besides an excise duty cut, the finance ministry had also issued instructions to all state-run fuel retailers to bear a loss of Re 1 on every litre of petrol and diesel they sell in the market.
Now as international oil prices have slumped by more than 35% in just three months, oil companies have been able to compensate the losses.
The price of Brent crude, Singapore gasoline and Arab Gulf Diesel have declined between 37-40 percent since October 1 while Indian petrol and diesel prices have been reduced by about 17-18 percent, according to Reuters calculations.