Petrol price down to 15-month low, diesel rates tracking March levels
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 Rs 68.65 in Delhi, Rs 69.21 in Bengaluru, Rs 74.30 in Mumbai, Rs 71.22 in Chennai and Rs 70.78 in Kolkata.
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 Rs 68.65 in Delhi, Rs 69.21 in Bengaluru, Rs 74.30 in Mumbai, Rs 71.22 in Chennai and Rs 70.78 in Kolkata.
Diesel is priced at Rs 62.66 in Delhi, Rs 63.01 in Bengaluru, Rs 65.56 in Mumbai, Rs 66.14 in Chennai and Rs 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 Rs 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.
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