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.