Petrol now costs less than Rs70 a litre, diesel at Rs63.83 a litre
24 December 2018
State-run oil marketing companies have slashed fuel prices for the fourth straight day on Monday, tracking international crude oil prices that have fallen more than 36 per cent since early October.
On Monday, OMCs reduced prices of petrol and diesel by 18-23 paise per litre across major cities of the country. Petrol price in the national capital Delhi fell below the Rs70 per litre mark to Rs69.86 with today's price revision while diesel prices fell below to Rs63.83 a litre.
In Mumbai, petrol has become 21 paise cheaper at Rs75.48 while diesel now costs 19 paise less at Rs66.79 a litre.
In Chennai, petrol is retailing at Rs72.48, down 22 paise from yesterday's Rs72.70 while diesel price is down 20 paise at Rs67.38 per litre. In Kolkata, the price of petrol is down 20 paise at Rs71.96 while diesel in the city is retailing at Rs65.59 down 18 paise.
Meanwhile, Brent crude futures closed below $54 at $53.82 per barrel on Friday, hitting the lowest level since the second quarter of 2017. It fell more than 12 per cent last week. This was supported by gains by the rupee, which appreciated against the US dollar last week.
International price of crude oil have shed more than 36 per cent since early October to trade at $54 (47 euros) per barrel, due to fears of oversupply and weak global demand.
Opec oil ministers said on Sunday they expect prices will arrest their recent slide and rebalance early next year, when a deal on new production cuts takes effect.