The fuel prices have increased for the fourth consecutive day on Sunday, thanks to volatile crude oil prices. While petrol went up 60-75 paise, diesel was hiked by 60-75 paise in all major cities.
A litre of petrol now retails at Rs 69.75 in Delhi, Rs 75.39 in Mumbai, Rs 72.04 in Bangalore, Rs 72.40 in Kolkata, Rs 71.97 in Chennai.
Diesel, on the other hand, costs Rs 63.69 in Delhi, Rs 66.66 in Mumbai, Rs 65.78 in Bangalore, Rs 65.46 in Chennai and Rs 67.26 in Kolkata. Petrol and diesel prices, which had peaked on October 4 due to a rising global crude prices, had been on the decline since then.
Prior to these hikes, rates had cooled to a year low of Rs 68.29 for petrol and Rs 62.16 in case of diesel. This followed a decline in rates on almost all days since October 18, 2018.
During the last three months, the price of petrol has fallen by about 16% in Delhi while benchmark Brent crude oil has fallen by about 30%. India’s fuel price is linked directly to crude oil rate because about 80% of our requirements are imported.
In all, the petrol price has fallen by Rs 14.54 per litre since October 18, more than negating all of the hikes that were witnessed in the two-month period beginning mid-August. Diesel price has declined by Rs 13.53 per litre in two and a half months.
Oil prices fell nearly 2% on Friday as investors worried about a global economic slowdown, snapping a nine-day winning streak spurred by US-China trade hopes, but clung to some gains from that rally to end the week higher.
With inputs from agencies