New Delhi: As international crude oil prices struggle to come out of a bearish market, the price of petrol has now fallen back to its January levels while diesel is tracking April rates. Even as crude oil prices tumbled more than 5% on Tuesday, petrol and diesel prices were left unchanged by state-run fuel retailers today. With Brent trading around $56-57 per barrel, the price of oil is now at its lowest in a year. A litre of petrol today costs ₹ 70.63 in Delhi, ₹ 76.25 in Mumbai, ₹ 71.20 in Bengaluru, ₹ 73.29 in Chennai and ₹ 72.71 in Kolkata.
Diesel, on the other hand, costs ₹ 64.54 in Delhi, ₹ 67.55 in Mumbai, ₹ 64.90 in Bengaluru, ₹ 68.14 in Chennai and ₹ 66.30 in Kolkata. From its October 4 highs, the price of petrol is down ₹ 14-15 a litre while the price of diesel is off ₹ 11-12 a litre. This month alone, petrol and diesel prices are down by ₹ 2-3 per litre.
The lowest that petrol had touched this calendar year was on January 1, when its price was 69.97 a litre in Delhi. The lowest for diesel was ₹ 59.70 on the same date. Petrol’s decline has been faster than that of diesel because of a difference in benchmark rates.
After falling by 5% yesterday to a 14-month low of $56 a barrel, Brent was trying to reclaim some of its losses in morning trade today. All eyes are now on the outcome of a two-day meeting of the US Federal Reserve during which the benchmark lending rate is expected to be raised.