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The drop in petrol and diesel prices, which began with a government intervention in the beginning of October, has been sharpened by a slump in international crude rates. Photo: Reuters

Petrol price lowest since September. Check latest petrol, diesel rates here

The decline in diesel prices has, however, not been as sharp as that of petrol. A litre of petrol costs 78.42 in Delhi, 83.92 in Mumbai, 79.05 in Bengaluru and 81.46 in Chennai while diesel costs 73.07 a litre in Delhi, 76.57 in Mumbai, 73.46 in Bengaluru and 77.24 in Chennai.

New Delhi: As global crude oil rates continue to tumble, petrol and diesel prices were decreased once again today by 14 paise and 9 paise, respectively. After touching a record high last month, petrol prices are now at their lowest level since September. A litre of petrol costs 78.42 in Delhi, 83.92 in Mumbai, 81.46 in Chennai, 79.05 in Bengaluru and 80.33 in Kolkata.

The decline in diesel prices has, however, not been as sharp. Diesel costs 73.07 a litre in Delhi, 76.57 in Mumbai, 77.24 in Chennai, 73.46 in Bengaluru and 74.93 in Kolkata. The diminishing price gap between the prices of petrol and diesel is also becoming a matter of concern for car sellers. In Chennai, the difference is just 4.27, according to today’s rates. In Bhubaneswar, petrol is already cheaper than diesel--petrol costs 77.43 while diesel costs 78.51.

The drop in petrol and diesel prices, which began with a government intervention in the beginning of October, has been sharpened by a slump in international crude rates. India imports about 80% of its crude oil requirements.

Oil prices have fallen by nearly $15 in less than a month, after peaking in early October at their highest level in two-and-a-half years, with a barrel of Brent at over $85.

Brent has lost more than 16% in value since early October, while WTI has declined by more than 18% since then.

Oil prices fell further today as the US sanctions against Iran’s fuel exports were softened by waivers that will allow eight countries to import Iranian crude temporarily.