| Petrol (Rs per litre) | ||||
| 13-Feb | 12-Feb | 31-Dec | 1-Jun-17 | |
| Delhi | 72.94 | 73.01 | 69.97 | 66.91 |
| Kolkata | 75.64 | 75.7 | 72.72 | 69.52 |
| Mumbai | 80.81 | 80.87 | 77.87 | 78.44 |
| Chennai | 75.65 | 75.73 | 72.53 | 69.93 |
| Diesel (Rs per litre) | ||||
| Delhi | 63.5 | 63.62 | 59.64 | 55.94 |
| Kolkata | 66.17 | 66.29 | 62.3 | 58.28 |
| Mumbai | 67.62 | 67.75 | 63.27 | 61.67 |
| Chennai | 66.96 | 67.09 | 62.83 | 59.22 |
| (Source: iocl.com) | ||||
Since February 7, petrol rates have been lowered by a cumulative 43-47 paise per litre including Tuesday's cut. Diesel rates have been cut by 72-77 paise per litre during this period. On February 7, the petrol rates and diesel rates were kept unchanged compared to the previous day. On that day, petrol retailed at Rs 73.38 per litre in Delhi, Rs 76.07 per litre in Kolkata, Rs 81.24 per litre in Mumbai and Rs 76.12 per litre in Chennai. Diesel rates were Rs 64.22 per litre in Delhi, Rs 66.89 per litre in Kolkata, Rs 68.39 per litre in Mumbai and Rs 67.73 per litre in Chennai, according to Indian Oil.
In the current scheme of petrol and diesel price revision, the prices of the two fuels are determined broadly by the global crude oil rates and the rupee-dollar exchange rate. The recent turmoil in global financial markets has hit crude prices. Brent crude futures have slid over 10 per cent from this year's peak in late January. Last week, Brent fell nearly 9 per cent, suffering its steepest weekly declines since January 2016.
The oil market has also been pressured by the weak stock market. Also, oil is inversely correlated with the dollar, which has strengthened as equities markets slid. Also keep global oil prices under pressure was rising US crude production, which investors fear will overwhelm efforts by OPEC and other producing nations to cut supply.
From February 8, the oil marketing companies have started lowering the rates, reversing the trend seen in the recent past.
So far this year, petrol rates are up by Rs 2.97 per litre in Delhi, Rs 2.92 per litre in Kolkata, Rs 2.94 per litre in Mumbai and Rs 3.12 per litre in Chennai. Diesel rates have risen by Rs 3.86 per litre in Delhi, Rs 3.87 per litre in Kolkata, Rs 4.35 per litre in Mumbai and Rs 4.13 per litre in Chennai.
Comments
Petrol and diesel rates are revised with effect from 6 am every day. Petrol and diesel retailers in the country - with Indian Oil Corporation being the largest - adopted a daily price revision system in June last year.(With agency inputs)
