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

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