Petrol and diesel prices continued their downward trend on Saturday. Petrol becomes cheaper by 15-16 paise. Diesel rates cut around 18-20 paise today. A litre of petrol now retails at ₹ 68.29 in Delhi while a diesel is sold at ₹ 62.26 a litre. Fuel price chart shows that petrol is now at its lowest rate since October 2017.
In Mumbai, petrol price dipped below ₹ 74-mark. Petrol is retailing at ₹ 73.95 today while diesel is priced at ₹ 65.14 in the economic capital.
In Chennai petrol is retailing at ₹ 70.85 and diesel is sold at ₹ 65.72 on Saturday. In Kolkata, petrol becomes cheaper as well — a litre of petrol is sold at ₹ 70.43 while diesel priced at ₹ 64.03.
However, Petrol and diesel prices have increased in Bangalore as Karnataka government decided to hike taxes on petrol and diesel to 32% and 21%, respectively, after two-and-half months. A litre of petrol cost ₹ 70.53 and diesel ₹ 64.30 in Bangalore on Saturday. Petrol price has increased by ₹ 1.52 while diesel price has risen by ₹ 1.50.
During the last two and half months, petrol price rose on just one day — by 10 paise on December 18. Diesel rates rose on December 17 and 18 by 9 paise and 7 paise respectively.
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.
Oil rose nearly 2% on Friday after proposed trade talks between the United States and China eased some fears about a global economic slowdown.
Brent increased about 9.3% for the week, while WTI rose about 5.8%.
After both benchmarks fell sharply last year, prices posted solid gains in the first week of 2019, despite recent data that added to concerns about a slowing global economy.
Reuters contributed to this copy