Petrol, diesel prices continue to decline on Saturday as oil prices fall
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The prices of key transport fuels -- petrol and diesel -- witnessed another decline on Saturday thanks to lower global crude oil prices.
Petrol price decreased by over 30 paise across major cities while diesel too continued the downward trend.
According to the Indian Oil Corp data, petrol was priced at Rs 72.53 (decreased by 34 paise) per litre in the national capital on Thursday.
Petrol prices declined to Rs 78.09 (decreased by 34 paise) per litre in Mumbai, Rs 74.55 (decreased by 33 paise) in Kolkata and Rs 75.26 (decreased by 36 paise) in Chennai on Thursday.
The price of diesel too continued to follow the downward trend.
The price of diesel in Delhi was down at Rs 67.35 (decreased by 37 paise) per litre. Similarly, prices of diesel in Mumbai, Kolkata and Chennai declined to 70.50 (decreased by 39 paise) per litre, Rs 69.08 (decreased by 49 paise) and Rs 71.12 (decreased by 40 paise) a litre respectively.
State-owned Indian Oil Corp (IOC) on Thursday said petrol price has been cut by Rs 9.6per litre and diesel by Rs 7.56 in the past six weeks in step with the reduction in international oil rates.
Petrol in Delhi currently costs Rs 72.53 per litre, down from Rs 82.83 on October 17. Diesel is priced at Rs 67.35 a litre, down from Rs 75.69 on October 17.
IOC said the average prices of petrol and diesel in the international, as well as USD-Rupee exchange rate for the previous 15 days,15 days are considered while determining the retail price of petrol and diesel.
The past 45 days have seen a continuous declining trend in the domestic prices of petrol and diesel as there has been a decrease in international prices.
As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.
Brent crude prices on Monday closed at $59.2 per barrel, a 13-month low
Earlier last month, the Centre announced a cut in excise duty by Rs 1.50 a litre.
Additionally, the state-owned oil marketing companies had been mandated to reduce the prices of petrol and diesel by Re 1 a litre.
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