Since October 17, petrol prices have reduced by Rs 11.11 in Delhi, Rs 10.79 in Mumbai, Rs 10.90 in Kolkata and Rs 11.69 in Chennai. The latest prices are the least since April 1 in the major metros, mainly on account of on softer international rates.
Petrol price today: The latest prices are the least since April 1 in the major metros, mainly on account of on softer international rates.
Petrol price today: Fuel prices have been on the decline in the last 46 days and now petrol is being retailed below Rs 80 per litre mark and diesel below Rs 70 per litre mark across all major cities. According to data available with Indian Oil Corp, petrol prices in New Delhi, Mumbai, Kolkata and Chennai were at Rs 71.72 per litre, Rs 77.29 per litre, Rs 73.75 per litre and Rs 74.41 per litre, respectively.
On the other hand, diesel is trading at Rs 66.39 a litre in New Delhi, Rs 69.48 per litre in Mumbai, Rs 68.12 a litre in Kolkata and Rs 70.09 a litre in Chennai. The latest prices are effective from 6 am on Wednesday.
Meanwhile, global crude oil prices have declined about 30% from the peak of $86.70 a barrel hit on October 3. Domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee, as per India’s pricing mechanism.
On Wednesday, crude oil prices dropped 1%, weighed down by swelling US inventories and a plunge in global stock markets as China’s government warned of increasing economic headwinds. International Brent crude oil futures were at $61.37 per barrel at 0240 GMT, down 1.1% or 71 cents from their last close. On the other side, Asian stocks slid, dragged down by Wall Street’s tumble as sharp declines in long-term U.S. Treasury yields and resurgent trade concerns stoked investor worries about global economic growth.