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.