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. Photo: Mint
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. Photo: Mint

Petrol, diesel prices drop on New Year. Check today’s rates in top cities

It is being estimated in the market that the retail prices of petrol and diesel may reign easy in the next few days. A litre of petrol now costs 68.65 in Delhi, 69.21 in Bengaluru, 74.30 in Mumbai, 71.22 in Chennai and 70.78 in Kolkata.

New Delhi: Fuel prices continued to tumble on the first day of the new year 2019 with petrol price falling by 19 paise and diesel by 20 paise today. Petrol is now cheaper by about Re 1 than the price you paid for a year ago, on this day in 2018. It is, in fact, tracking end-October 2017 levels. In the last 3 months alone, petrol has fallen by about 15 while diesel by 13. A litre of petrol now costs 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. Petrol price had touched a record high of 84 per litre in Delhi and 91.34 in Mumbai on October 4. Diesel on that day had peaked to 75.45 a litre in Delhi and 80.10 in Mumbai.

It is being estimated in the market that the retail prices of petrol and diesel may reign easy in the next few days. The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of the country’s requirement is met through imports.

In the international oil market, crude oil prices ended with full-year losses for the first time since 2015, after a desultory fourth quarter that saw buyers flee the market over growing worries about a supply glut and mixed signals related to renewed U.S. sanctions on Iran.

For the year, U.S. West Texas Intermediate crude (WTI) futures slumped nearly 25%, while Brent tumbled more than 19.5%. Oil prices fell more than a third this quarter, the steepest quarterly decline since the fourth quarter of 2014.

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