NEW DELHI :
With crude oil rates trading near a two-month low, petrol and diesel prices have not been increased in India for the last eight days. After cutting the price of petrol by 17 paise a litre and that of diesel by 10 paise a litre, state-run oil marketing companies chose not to change the rates today.
Since the beginning of this month, petrol price has dropped by ₹1.02 a litre and diesel price by 68 paise per litre.
1) In New Delhi, a litre of petrol now costs ₹73.59 and diesel ₹66.81. In Mumbai, a litre of petrol now costs ₹79.20 and diesel ₹70.03. In Bengaluru, a litre of petrol now costs ₹76.05 and diesel ₹69.03. In Gurgaon, a litre of petrol now costs ₹73.34 and diesel ₹65.96.
2) Amid weak demand prospects for crude over fears of a global recession and the US-China trade war, oil rates are down by more than 20% from its peak in April.
3) Today was the third consecutive day of decline of crude oil rates. Brent crude futures fell 27 cents, or 0.5%, to $57.97 a barrel by 0148 GMT, while U.S. West Texas Intermediate crude was at $52.38, down 25 cents or 0.5%.
4) Fuel prices began to rise from September 17 in India, days after drone attacks were reported at Saudi Arabia's oil facilities. Although crude oil rates have reversed gains in the international market now, petrol and diesel prices are still above around ₹1.50 since their September 17 levels.
5) As fuel retailers take a 15-day average of crude rates, any price change in the international market often takes time to reflect in the retail market in India.