Petrol, diesel prices slashed again, check out latest rates in your city

21 Octobre, 2018, 10:37 | Auteur: Auguste Feret
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Petrol and diesel prices were cut for the fourth straight day on Sunday on softening worldwide oil prices, providing some relief to consumers battered by two months of relentless rate hikes. As of Saturday October 20, petrol is priced at ₹ 81.99 per litre in New Delhi, ₹ 87.46 per litre in Mumbai, ₹ 83.83 per litre in Kolkata, and ₹ 85.22 per litre in Chennai.

After the Centre cut excise duty by Rs 1.50 per litre and asked PSU oil firms to subsidise fuel by Re 1, Maharashtra and Gujarat governments were among the first to announce a matching Rs 2.50 cut. While in Mumbai the petrol costs at Rs 87.21 per litre after a cut of Rs 25 paise and diesel rate dropped by 18 paise and marked at Rs 78.82 per litre.

Diesel, however, is being sold 12 paise lower at Rs 75.36 per litre in Delhi, while the price of diesel in Mumbai has been reduced by 13 paise to retail at Rs 79 per litre.

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Oil marketing companies reduced the prices of petrol and diesel for the third consecutive day on Saturday. The downward revision also comes on the back of multiple factors such as lower global crude oil cost and a strengthened rupee against the United States dollar.

The price cut follows global oil prices trading near the lowest level in a month on a bigger-than-expected gain in American stockpiles. In four days, petrol price has been cut by Rs 1.09 per litre and diesel by 50 paise. West Texas Intermediate (WTI) crude futures rose 47 cents to settle at $69.12 a barrel. This came down to Rs 81.50 per litre for petrol and Rs 72.95 in case of diesel. Both contracts have fallen around $7 a barrel below four-year highs reached in early October. On the other hand, petrol saw a dip of 0.38 paisa per litre in Mumbai whereas, diesel price experienced a cut of 0.13 paisa per litre.

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