New Delhi: After petrol and diesel prices were cut once again today by 19 paise and 17 paise, respectively, petrol prices are now at their lowest level since the last 3 months while diesel prices ar at a 2-month low. International crude oil prices began rising in mid-August, directly affecting petrol and diesel prices in India. Petrol had then crossed the Rs 76 mark in Delhi and diesel was hovering around Rs 68. A litre of petrol now costs Rs 76.52 in Delhi, Rs 82.04 in Mumbai, Rs 79.46 in Chennai, Rs 77.13 in Bengaluru and Rs 78.47 in Kolkata.
Petrol price lowest in 3 months. Check today’s rates in top cities
Diesel, on the other hand, is priced at Rs 71.39 in Delhi, Rs 74.79 in Mumbai, Rs 75.44 in Chennai, Rs 71.77 in Bengaluru and Rs 73.25 in Kolkata. Petrol and diesel prices, which began to climb from August 16, had reached a record all-time high of Rs 84 per litre and Rs 75.45 per litre, respectively, in Delhi. Since then, on the back of government intervention, falling crude oil prices and a strengthening rupee, petrol and diesel prices have been on a declining trend.
The decline in diesel prices, however, hasn’t been as sharp as that of petrol due to a higher benchmark rates for the former.
Petrol is now back to where it was in the beginning of August while diesel is hovering around levels seen in the first week of September.
Global crude oil prices are now trying to recover from a bear market as rates rose about 1% today with traders expecting Saudi Arabia to push OPEC to cut supply. Demand growth has been sluggish and oil is in oversupply. As a result, crude prices are now almost 25% down in the last 40 days.