It’s been great news since the last 25 days that the price of petrol and diesel remained stable ie the fuel prices did not increase in fact the price has been slashed down by 19 paise.
In Mumbai, petrol was sold at Rs 82.43 per litre on Saturday compared to Rs 82.62 on Friday. Diesel in Mumbai became cheaper by 20 paise to Rs 75.16.
In Chennai, petrol prices went below Rs 80 to Rs 79.87 per litre while in Kolkata petrol was retailed at Rs 78.85 as against Rs 79.04 on Friday. Diesel in these cities was sold at Rs 75.82 and Rs 73.60 respectively. In Noida petrol was priced at Rs 75.36 on Saturday compared to 75.50 on Friday and diesel was sold at Rs 70.3.
Fuel prices are expected to come down further in the coming days. Petrol, diesel price in India are fixed, based on the last 15-day average price of crude and rupee-dollar exchange rate along with dealer commission, and taxes, which does not change on a daily basis. The recent fall in crude prices has not fully been captured in retail fuel prices. But in the coming days, as the 15-day average cost of crude comes down, the same will be reflected in retail fuel prices.
In November so far, petrol prices have been cut by nearly Rs 2.40 per litre while diesel has become cheaper by Rs 2.10 across all the metro cities of the country. The recent fall in fuel prices is due to a correction in international crude oil prices, which have come down by nearly 20 per cent in last one month. Brent crude was hovering around $67 per dollar mark in Asian trade on Saturday. Last month it touched a four-year high of $86 per barrel.