New Delhi: As crude oil rates remained bearish, petrol and diesel prices continued to slid further today by 12 paise and 13 paise, respectively. While petrol is at its lowest since September, diesel prices are at their lowest since the first week of September. A litre of petrol costs Rs 77.43 in Delhi, Rs 82.94 in Mumbai, Rs 80.42 in Chennai, Rs 78.05 in Bengaluru and Rs 79.36 in Kolkata. Diesel, on the other hand, costs Rs 72.19 in Delhi, Rs 75.64 in Mumbai, Rs 76.30 in Chennai, Rs 72.58 in Bengaluru and Rs 74.05 in Kolkata.
While petrol and diesel prices were last raised on October 16, the daily rate of decline has been around 15 paise in the last few days. State-run oil marketing companies announce daily prices at 6 am after calculating the average of crude oil prices for the last 15 days along with the latest value of the rupee against the dollar. The strengthening of the rupee along with a reduction in crude oil prices has helped ease the price pressure on petrol and diesel in India.
Despite the declining trend of fuel rates, oil marketing companies are bearing a loss of Re 1 on every litre of petrol and diesel they sell. The finance ministry had earlier indicated that the loss could be set off later on.
International crude oil prices fell by around 1% today with Brent crude sliding below $70 per barrel and WTI below $60, after US President Donald Trump put pressure on OPEC not to cut supply to prop up the market.
International benchmark Brent crude oil futures were at $69.39 per barrel, down 73 cents, or 1%, from their last close.
Both oil price benchmarks have shed more than 20% in value since early October.