Home / News / India /  Petrol, diesel prices down over 2 per litre this month. Check latest rates

Petrol and diesel prices were kept steady today amid volatility in global oil rates and the recent hike in excise duty on the fuel. In Delhi, petrol retailed at 69.59 per litre, unchanged for fourth day in a row. In Kolkata, the retail selling price of petrol was 72.29 per litre, in Mumbai 75.30 and in Chennai 72.28.

In case of diesel, the fuel today retailed at 62.29 a litre in Delhi, also unchanged for fourth day in a row. In Kolkata, the retail selling price of diesel was 64.62, in Mumbai 65.21 per litre and in Chennai Rs 65.71 per litre.

Despite steep decline in global markets, petrol and diesel prices in India (Delhi) are down about 2.2 to 2.3 per litre. The central government last week hiked excise duty on petrol and diesel by a steep 3 per litre each.

In India, the price of petrol and diesel you pay at the pump is dependent on international product prices and other market conditions. Petrol and diesel do not come under the purview of goods and services tax (GST).

Other factors in retail price of petrol and diesel include excise duty, VAT, BS IV premium, marketing cost and margins, dealers commission etc.

In global markets, oil prices recovered further today, extending the steep gains of the previous session after US President Donald Trump hinted he may intervene in the price war between Saudi Arabia and Russia at an "appropriate time".

Brent crude futures today climbed 28 cents, or about 1%, to $28.75 per barrel. The international benchmark rose 14.4% on Thursday in its biggest one-day gain since September, but was on track for its fourth consecutive weekly drop on Friday. Global oil prices have collapsed about 40% in the last two weeks since talks between the Organization of the Petroleum Exporting Countries and its allies, including Russia, broke down, which led Saudi Arabia to ramp up supply. (With Agency Inputs)

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