NEW DELHI : With crude oil rates hovering around $64 a barrel after topping the $70 mark last week, petrol and diesel prices have been on the declining mode since Sunday. For the third consecutive day today, the price of petrol was cut by 10 paise a litre. Diesel price was, however, left untouched by fuel retailers during their daily review.

In New Delhi, a litre of petrol today costs 75.70 and diesel 69.06. In Mumbai, a litre of petrol comes at a price of 81.29 a litre and diesel 72.42 a litre. If you are in Bengaluru, you pay 78.23 for petrol and 71.36 for diesel. In Chennai, petrol costs 78.65 and diesel 72.98. Those in Hyderabad will have to pay 80.49 for petrol and 75.30 for diesel. In Gurgaon, you pay 75 for petrol and 67.89 for diesel.

As compared with the fuel prices in the beginning of December, the price gap between petrol and diesel has now narrowed down to 6.64 from 9.13 earlier in Delhi. The difference in the prices of the two automobile fuels is due to a gap in its international benchmark rates.

In the international market, crude oil rates continued to dip today as both the US and Iran chose not to escalate conflict in the Middle East region. Brent crude was down 8 cents, or 0.1%, at $64.12 per barrel by 0124 GMT. U.S. West Texas Intermediate crude futures were down 4 cents, or 0.1%, at $58.04 a barrel.

Oil prices surged to their highest in almost four months after a U.S. drone strike killed an Iranian commander on Jan. 3 and Iran retaliated with missiles launched against U.S. bases in Iraq. But they slumped again as Washington and Tehran retreated from the brink of direct conflict last week.

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