NEW DELHI : With Brent crude oil rates hovering around $64-65 a barrel, state-run fuel retailers chose to cut petrol and diesel prices for the sixth consecutive day today. The price of petrol was cut by 16 paise a litre and that of diesel by a higher margin of 21 paise a litre today. In the last six days of decline in fuel rates, the price of diesel has gone by down by around a rupee while that of petrol has fallen by 88 paise.

In New Delhi, a litre of petrol today costs 74.82 and diesel 68.05. In Mumbai, a litre of petrol comes at a price of 80.42 a litre and diesel 71.35 a litre. If you are in Bengaluru, you will have to pay 77.32 for petrol and 70.32 for diesel. In Chennai, petrol costs 77.72 and diesel 71.90. Those in Hyderabad will have to pay 79.56 for petrol and 74.20 for diesel. In Gurgaon, you pay 74.31 for petrol and 67.02 for diesel.

New petrol pump rules:

Those applying for a new petrol pump license can now do so online as the the Petroleum and Explosives Safety Organisation (PESO) has started paperless licensing process for petroleum service stations such as retail outlets storing and dispensing petrol and diesel for motor conveyances.

Applicants, at each stage of processing of the application, will be intimated via SMS and e-mail, in case of discrepancy or grant of licence or approval.

These details will also be reflected in the applicant’s profile. The entire process will not require any printing and physical dispatch of licence. The licence will be dispatched electronically.

Crude oil rates:

After yesterday's spike following a military blockade in Libya, crude oil rates softened today and went below the $65 barrel mark. Brent crude was trading down 30 cents, or 0.5%, at $64.90 per barrel by 0318 GMT, after rising to their highest in more than a week on Monday. U.S. West Texas Intermediate crude futures were down 14 cents, or 0.2%, at $58.40 a barrel.

Meanwhile, Bank of America Global Research has raised its 2020 oil price forecasts, citing risks to supply from the Middle East, an improving demand outlook and higher OPEC compliance to deepen output cuts.

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