NEW DELHI :
Reflecting the decline in global crude oil rates since last week, the price of petrol and diesel too has gone down sharply since the beginning of this month. During the last 8 days, petrol price has slumped by ₹1.02 a litre and diesel price by 68 paise per litre.
State-run fuel retailers continued the trend of decreasing oil prices for the sixth consecutive day today. Today, the price of petrol fell by 17 paise a litre and that of diesel by 10 paise a litre.
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.
People in Indore have been badly affected by a shortage of fuel caused by an indefinite strike called by transporters who are demanding rollback of increased VAT on petrol and diesel. PTI reported that petrol and diesel stock in 50% of the total 95 petrol pumps in Indore has ran out, leading to long queues outside the fuelling stations.
The current spate in petrol and diesel prices began about 3 weeks ago, on September 17, due to a corresponding hike in crude oil rates following attacks on Saudi Arabia's oil facilities. Crude rates have cooled since then and it ended last month with its second quarterly loss, amid fears of a global economic slowdown affecting oil demand.
India's fuel retailers base their price on a complex algorithm comprising a 15-day average of benchmark petrol and diesel rates in the international market.
Brent crude was trading at $58.73 a barrel by 0344 GMT, while US West Texas Intermediate (WTI) crude was at $53.08.