Home / News / India /  Petrol, diesel price got cheaper by 2 this month. Latest rates here

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.

(Agency inputs)

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