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NEW DELHI : Even as Brent crude oil rates settled below the $30 a barrel mark for the first time since 2016, petrol and diesel prices were left unchanged for the second consecutive day today. As compared with January highs, crude oil rates have halved now while fuel rates in India have fallen by more than 6 a litre.

Fuel price chart shows that petrol and diesel prices had touched a year high on 11 January when petrol was above 76 in Delhi and petrol crossed the 69 mark. Since then, petrol price has become cheaper by 6.42 a litre and diesel by 6.88 a litre.

Petrol and diesel prices would have fallen further after the massive slump in crude oil rates had the excise duty was not hiked by 3 a litre. Amid widening fiscal deficit, the government is estimated to earn around 39,000 crore of additional revenue due to the duty hike.

As India imports more than 80% if its oil requirements, rates in the international market influences fuel prices in India. With oil falling below the $30 a barrel mark, oil marketing companies are now looking to boost their profits and margins by increasing spot buying of oil.

Petrol, diesel prices in top cities today

In Delhi, a litre of petrol is priced at 69.59 per litre and diesel at 62.29 per litre today. In Mumbai, petrol is selling at 75.30 per litre and diesel at 65.21 per litre. In Chennai, a litre of petrol will cost 72.28 per litre whereas diesel is now priced at 65.71 per litre. In Bengaluru, petrol is now selling at 71.97 and diesel at 64.41. In Hyderabad, petrol pumps are charging 73.97 for petrol and 67.82 for diesel. If you are in Gurgaon, you will have to shell out 70.21 for petrol and 62.08 for diesel.

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