With the increasing price of petrol and diesel after each consecutive day the panic amongst the people also increased but in the past few days the price of petrol and diesel have been slashed down each day giving a sigh of relief. A litre of petrol today costs Rs 75.97 in Delhi, Rs 81.50 in Mumbai, Rs 76.57 in Bengaluru, Rs 78.88 in Chennai, Rs 77.93 in Kolkata and Rs 80.55 in Hyderabad.
Diesel costs Rs 70.97 in Delhi, Rs 74.34 in Mumbai, Rs 71.35 in Bengaluru, Rs 74.99 in Chennai, Rs 72.83 in Kolkata and Rs 77.22 in Hyderabad. Retail fuel prices in India are directly linked to global crude oil rates as 80% of crude oil requirement is met from overseas. Strengthening of the rupee against the dollar also makes petrol, diesel cheaper in India.
Petrol and diesel prices had reached a peak on October 4 before declining following a cut in excise duty and lowering of sales tax or VAT in several states. Oil retailers are also bearing a Re 1 loss on every litre of non-branded petrol, diesel sold in India on instructions from the finance ministry.
The petrol price chart shows that the current rates are around the same level as the first week of July while the rate of decrease of diesel hasn’t been as steep. The price gap between petrol and diesel has narrowed and in several states like Goa, Gujarat and Odisha petrol is now cheaper than diesel.
Crude prices dipped on Thursday after US crude inventories increased to their highest level since December 2017 amid concerns of an emerging global glut. WTI crude futures were around $53 per barrel on Thursday morning while front-month Brent crude oil futures were at $63 per barrel.