NEW DELHI :
After three days of no change, the price of petrol today dropped by 6 paise a litre and that of diesel by 10 paise a litre. The prices of both the automobile fuels have dropped by over ₹1.6 a litre each this month.
A litre of petrol today costs ₹72.92 in Delhi, ₹75.35 in Bengaluru, ₹75.72 in Chennai, ₹78.54 in Mumbai, ₹77.54 in Hyderabad and ₹72.82 in Gurgaon. Diesel, on the other hand, costs ₹65.85 a litre in Delhi, ₹68.04 in Bengaluru, ₹69.55 in Chennai, ₹69.01 in Mumbai, ₹71.81 in Hyderabad and ₹65.14 in Gurgaon.
A study of the fuel price chart shows that rates have been on a declining trend the entire October. Fuel prices in India reflect the global rate of crude oil which is now down about 16% from its late-April highs. Crude oil rates are weighed down over worries related to the US-China trade war and an increase in American oil production.
Brent futures were down 6 cents at $61.51 a barrel by 0311 GMT, having fallen 0.7% on Monday. U.S. West Texas Intermediate (WTI) crude was down 12 cents at $55.69, after falling 1.5% in the previous session.
The Organization of Petroleum Exporting Countries (OPEC) will need to announce a further 500,000 barrels a day of output reductions at its December meeting to keep Brent prices from falling below $60 a barrel, Sanford C. Bernstein & Co. said in a note.