NEW DELHI :
After three days of stagnancy, the price of petrol and diesel fell by 5 paise a litre each today. Since the beginning of this month, petrol and diesel prices are down by ₹1.34 a litre and ₹1.08 a litre, respectively.
In Delhi, a litre of petrol now costs ₹73.27 and diesel ₹66.41. In Mumbai, a litre of petrol now costs ₹78.88 and diesel ₹69.61.
In Bengaluru, a litre of petrol now costs ₹75.72 and diesel ₹68.62. In Gurgaon, a litre of petrol now costs ₹73.09 and diesel ₹65.62. In Hyderabad, a litre of petrol now costs ₹77.91 and diesel ₹72.42.
Amid volatility in crude oil market, petrol and diesel prices were left untouched during the last three days. Fuel rates started falling from this month as crude rates began to cool down after soaring to 2019 highs in the aftermath of attacks on Saudi Arabia's oil facilities.
Although crude rates are way below mid-September levels, yet fuel prices in India are still higher than September 17 levels. Since the state-run fuel retailers take a 15-day average of benchmark rates of petrol and diesel in the international market, any change in crude oil rates takes time to reflect in retail prices.
After losing about 2% on worries that global crude demand could stay under pressure yesterday, crude oil rates fell again today.
Brent crude futures fell 30 cents, or 0.5%, to $59.067 barrel by 0142 GMT, while U.S. West Texas Intermediate (WTI) crude futures was at $53.38 a barrel, down 21 cents or 0.4%.
In the meantime, oil minister Dharmendra Pradhan has requested finance minister Nirmala Sitharaman to bring petroleum products under the ambit of the goods and services tax (GST). If approved by the GST Council, the move will impact petrol, diesel prices across the country. Currently, petroleum products attract central excise duty and value added tax (VAT) levied by states.