New Delhi: With crude oil imports become cheaper and the rupee stronger, petrol and diesel prices continue to tumble. Petrol price was cut by 30 paise a litre and diesel by 36 paise today. A litre of petrol now costs ₹ 71.93 in Delhi, ₹ 77.50 in Mumbai, ₹ 72.49 in Bengaluru, ₹ 74.63 in Chennai and ₹ 73.96 in Kolkata.
Diesel costs ₹ 66.66 in Delhi, ₹ 69.77 in Mumbai, ₹ 67 in Bengaluru, ₹ 70.38 in Chennai and ₹ 68.39 in Kolkata. A price trend analysis of both fuels shows that petrol is now tracing February levels while diesel has never been more cheaper than May in Delhi.
Reflecting an upturn in global crude oil rates, petrol and diesel prices were on an increasing trend from mid-August. At one point, traders were even predicting rates of $100 per barrel for crude oil futures. Things however changed in mid-October when prices slumped following concerns of glut. Since then crude has been unable to recover from a bear market. US President Donald Trump’s decision to grant waivers to some nations to keep importing Iranian oil accentuated the stress on oil prices further.
Read: Petrol is now cheaper than diesel in these cities
This week, however, the roller-coaster ride may continue as the Organization of Petroleum Exporting Countries (OPEC) will meet in Vienna on Thursday to take a call on whether outputs should be curbed to stabilise prices.
In the recent few weeks, the rupee has also gained strength against the US dollar. The rupee, which was trading above 74, is now around 70.