Petrol, diesel price at its lowest this month. 5 things to know1 min read . Updated: 17 Oct 2019, 09:37 AM IST
- Petrol and diesel prices have dropped since October 3
- The rates of petrol and diesel are still higher by about a rupee each since mid-September levels
NEW DELHI : As crude oil rates continue to slide, the price of petrol and diesel have reached its lowest in October. After leaving fuel rates untouched in the last two days, state-run oil marketing companies made no change in prices for the third consecutive day today. Although petrol, diesel prices have dropped since October 3, rates are still higher by more than a rupee if the last 30 days are taken into account.
In New Delhi, a litre of petrol costs ₹73.27 and diesel ₹66.41. In Mumbai, a litre of petrol costs ₹78.88 and diesel ₹69.61. Those in Bengaluru will have to shell out ₹75.72 for petrol and ₹68.62 for diesel. If you are in Chennai, you have to pay ₹76.09 for a litre of petrol and ₹70.15 for diesel.
5 things to know about petrol, diesel prices:
1) Oil prices slid today after industry data showed a larger-than-expected build-up in stocks in the United States. Global benchmark Brent crude oil futures was down by 47 cents, or 0.8%, at $58.95 a barrel by 0330 GMT. Yesterday, Brent crude, had increased by 1.16%.
2) Despite a sharp decline in crude oil rates during the period, the rates of petrol and diesel are still higher by about a rupee each since mid-September levels.
3) Besides crude oil rates, fuel prices in India are also dependent on the exchange rate of rupee and US dollar. In the year so far, the rupee has weakened 2.1%. At 9.10am, the home currency was trading at 71.40 a dollar, up 0.07% from Wednesday's close of 71.44.
4) In the meantime, data from the petroleum ministry showed that India's fuel demand fell to its lowest in more than two years in September. The consumption of diesel, which is widely used for transportation as well as for irrigation needs in India, slipped more than 3% year-over-year to 5.83 million tonnes, its lowest since January 2017. Sales of petrol were 6.3% higher from a year earlier at 2.37 million tonnes.
5) The chorus for including petrol and diesel in goods and services tax (GST) has grown louder with oil minister Dharmendra Pradhan requesting finance minister Nirmala Sitharaman's consideration of the issue in the next meeting of the GST Council. As and when it is approved, petrol and diesel prices are likely to change across India.