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Business News/ Politics / Policy/  Petrol, diesel price drop for 12th straight day, petrol below 80 in Delhi
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Petrol, diesel price drop for 12th straight day, petrol below ₹80 in Delhi

Petrol price has now climbed down from the ₹80 mark in Delhi to ₹70.75 per litre. Diesel, on the other hand, is priced at ₹73.85 in Delhi, ₹77.40 in Mumbai, ₹80.33 in Hyderabad, ₹74.23 in Bengaluru, ₹78.08 in Chennai and ₹75.70 in Kolkata.

Oil has slumped about 11% from a four-year high earlier this month as a rout in global equity markets raised concerns about economic growth and energy demand at a time of growing US crude inventories. Photo: ReutersPremium
Oil has slumped about 11% from a four-year high earlier this month as a rout in global equity markets raised concerns about economic growth and energy demand at a time of growing US crude inventories. Photo: Reuters

New Delhi: On the back of falling international crude oil prices, petrol and diesel prices declined, by 30 paise and 20 paise, respectively, for the 12th consecutive day today. Petrol prices have now climbed down from the 80 mark in Delhi to 70.75 per litre.

In Mumbai, petrol costs 85.24, Bengaluru 80.37, Hyderabad 84.54, Chennai 82.86, Kolkata 81.63. Diesel, on the other hand, is priced at 73.85 in Delhi, 77.40 in Mumbai, 80.33 in Hyderabad, 74.23 in Bengaluru, 78.08 in Chennai and 75.70 in Kolkata

Petrol prices had hit an all-time high of 84 per litre in Delhi and 91.34 in Mumbai on October 4. The decline, since then, has been on account of several factors — a reduction in excise duty of 1.5, drop in sales tax or VAT by 2.5 in several states, state-run oil retailers bearing a loss of Re 1 on instructions from the Union government and a fall in global crude oil prices.

Also read: The cheapest and most expensive places to buy petrol, diesel in India

Oil has slumped about 11% from a four-year high earlier this month as a rout in global equity markets raised concerns about economic growth and energy demand at a time of growing US crude inventories, Bloomberg reported. Front-month Brent crude oil futures were at $77.56 a barrel, while US West Texas Intermediate (WTI) crude futures were at $67.59 a barrel on Monday morning.

Although fuel prices are revised daily at 6 am, oil retailers take into account international fuel prices on a 15-day average, besides the value of the rupee. India imports about 80% of its crude oil requirements.

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Published: 29 Oct 2018, 11:55 AM IST
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