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.

Close