Petrol, diesel price continue downward trend for third straight day. Check latest rates here
New Delhi: Petrol, diesel prices continued to fall across all major Indian for the third day straight after state-run oil marketing companies slashed retail prices on Saturday. After Saturday’s price revision, petrol became cheaper by 8-9 paise while diesel became 4-5 paise cheaper across all key cities.
In Delhi, petrol after today’s price revision was retailing at Rs 71.77, down 9 paise from Friday’s rate of Rs 71.86 per litre. Diesel in the National Capital was retailing 5 paise cheaper at Rs 65.09 per litre. It may be noted that the pump prices of fuel in Delhi are the cheapest among all metros and most state capitals due to lower taxes.
In Noida, petrol price on Sunday went down to Rs 73.75 from Rs 73.82 on Friday. Diesel price in the city also dropped from yesterday’s Rs 65.44 to Rs 65.40 on Sunday.
In Economic capital Mumbai, petrol was retailing nine paise cheaper at Rs 77.46 per litre. Diesel in the city also became 5 paise cheaper and was retailing at Rs 68.36 per litre today.
In Kolkata and Chennai, petrol prices on Sunday dropped to Rs 75.50 and 74.57 respectively from Rs 74.58 and 74.66 on Friday. Diesel in both the cities was selling at Rs 67.50 and 68.79 respectively.
As per India’s daily dynamic fuel pricing mechanism, the price of petrol and diesel is dependent on the global prices of crude fuel and the rupee-US dollar exchange rate since India imports 80 per cent of its crude requirements. The rupee continued its winning momentum for the third session in a row on Friday, rising 12 paise to settle at 71.72 against the US dollar. Despite the gain, on a weekly basis, the domestic currency lost 30 paise to the US dollar.
It is worth mentioning that crude oil futures fell 1.2 per cent to Rs 4,043 per barrel on Friday after participants reduced positions amid a weak trend in global markets. As per analysts, the fall in crude oil futures was mostly due to trimming of positions by traders along with weak trend overseas.
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