Petrol, Diesel Prices Come Down For Fourth Day: 10 Things To Know

Diesel rates were at Rs. 62.71 per litre in Delhi, Rs. 65.4 per litre in Kolkata, Rs. 66.78 per litre in Mumbai and Rs. 66.12 per litre in Chennai, according to Indian Oil Corporation, the country's largest fuel retailer.

Business | | Updated: March 18, 2018 13:15 IST
Petrol, Diesel Prices Come Down For Fourth Day: 10 Things To Know

Petrol and diesel rates are revised with effect from 6 am every day.

Petrol prices and diesel prices were marginally lowered across Delhi, Kolkata, Mumbai and Chennai on Sunday, March 18, 2018 - a fourth rate cut in a row. While petrol prices were down by 7-8 paise per litre in the metros, diesel rates were reduced by 3-4 paise per litre. Effective 6 am, Sunday, petrol rates were at Rs. 72.2 per litre in Delhi, Rs. 74.94 per litre in Kolkata, Rs. 80.07 per litre in Mumbai and Rs. 74.87 per litre in Chennai, according to Indian Oil Corporation's website - iocl.com. Diesel rates were at Rs. 62.71 per litre in Delhi, Rs. 65.4 per litre in Kolkata, Rs. 66.78 per litre in Mumbai and Rs. 66.12 per litre in Chennai, according to Indian Oil Corporation, the country's largest fuel retailer.
Here are 10 things to know on petrol and diesel rates on March 18, 2018:
  1. Petrol and diesel prices are on a downward trend, with the oil marketing companies lowering the rates every day since March 14. Petrol rates across the metros have since been lowered by a cumulative 26-29 paise per litre while diesel rates have been brought down by 14-15 paise per litre, according to Indian Oil.
  2. So far this month, however, petrol prices have gone up by 68-72 paise per litre and diesel rates risen by 56-60 paise per litre. 
  3. In 2018 so far, petrol prices have increased by Rs. 2.23 per litre in Delhi, Rs 2.22 per litre in Kolkata, Rs 2.2 per litre in Mumbai and Rs 2.34 in Chennai. Diesel prices have been increased by Rs. 3.07, Rs 3.1 per litre, Rs 3.51 per litre and Rs 3.29 per litre, respectively.
  4. Petrol and diesel rates are revised with effect from 6 am every day.
  5. Petrol and diesel retailers in the country - with Indian Oil Corporation being the largest - adopted a daily price revision system from June 2017.
  6. Since June 1, 2017, petrol rates have gone up as much as Rs 5.29 per litre in Delhi, Rs 5.42 per litre in Kolkata, Rs 1.63 per litre in Mumbai and Rs 4.94 per litre in Chennai. Diesel rates have risen by Rs 6.77 per litre, Rs 7.12 per litre, Rs 5.11  per litre and Rs 6.9 per litre, respectively.
  7. 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.
  8. International crude oil prices had been on track for a weekly loss, but spiked on Friday.
  9. US crude rose 1.72 per cent to $62.24 per barrel and Brent was last at $66.12, up 1.54 per cent on the day. During the session, Brent hit $66.42, its highest since February 28.Gains on Wall Street also supported crude futures, which have recently been moving in tandem with U.S. stock indices.
  10. 10. On Friday, the rupee settled at 64.87 against the US dollar, closing higher for a second straight session.


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