New Delhi: Following successive rate cuts in the last few weeks, petrol price is now at its lowest in the last 11 months while diesel is at its lowest since mid-April. With crude oil rates inching upwards, state-run fuel retailers did not make any changes in the retail price today. A litre of petrol now costs ₹ 70.20 in Delhi, ₹ 70.75 in Bengaluru, ₹ 75.80 in Mumbai, ₹ 72.82 in Chennai and ₹ 72.28 in Kolkata. Diesel, on the other hand, costs ₹ 64.66 in Delhi, ₹ 65 in Bengaluru, ₹ 67.66 in Mumbai, ₹ 68.26 in Chennai and ₹ 66.40 in Kolkata.
If early October rates are taken into account, crude oil has fallen by almost 30% while fuel rates are down by 15%. Fuel prices had peaked on October 4 and since then petrol is down ₹ 14-15 a litre while diesel is off ₹ 11-12 a litre.
In the international market, oil rose to about $61 a barrel on Wednesday, supported by an industry report showing a drop in US crude inventories, a cut in Libyan exports and an OPEC-led deal to trim output. Brent crude, the global benchmark, rose $1.07 to $61.27.
Read: Petrol is now cheaper than diesel in these cities
The price gap between the two automobile fuels has been narrowing. The rate of decline in petrol prices has not been as sharp as that for diesel. Oil retailers say it is due to a difference in benchmark rates for both fuels.
Price trend analysis shows petrol and diesel may soon again become cheaper in Delhi as compared to adjoining cities of Uttar Pradesh as ad valorem duty structure has translated into a bigger reduction in daily prices in the national capital. While petrol and diesel traditionally have been cheaper in Delhi than most states in the country, due to lower local sales tax or VAT, the October 5 cut in the VAT by BJP-ruled states led to fuel being available at cheaper rates in places such as Ghaziabad and Noida — the UP towns that adjoin the national capital.