Petrol, diesel price got cheaper by ₹2 this month. Latest rates here1 min read . Updated: 16 Mar 2020, 09:11 AM IST
- Petrol price has fallen below the ₹70 mark in Delhi and ₹72 mark in Bengaluru
- Petrol, diesel prices will be hiked in Bengaluru and Mumbai soon due to hike in VAT
NEW DELHI : Despite an excise duty hike of ₹3 per litre, petrol and diesel prices got cheaper by ₹2 a litre this month as crude oil remain entrenched in a bearish phase. State-run fuel retailers cut the price of petrol by 16 paise a litre and that of diesel by 15 paise a litre today.
Had the government not hiked excise duty to plug India's widening fiscal deficit, the cut in fuel rates would have been much sharper last week. Petrol and diesel prices have maintained a declining trend since February 27 due to softening of crude oil rates.
In Delhi, a litre of petrol is priced at ₹69.59 per litre and diesel at ₹62.29 per litre. 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.
In the international oil market, an emergency rate cut by the US Federal Reserve failed to support prices. Brent crude fell $1.13 to $32.72 a barrel by 0230 GMT, tumbling after last week's plunge of 25%, the largest weekly fall since 2008. The front-month price opened at a high of $35.84 but slipped to a low of $31.63.