Petrol price was cut by 15-17 paise a litre and diesel by 34-37 paise per litre on Thursday across four metro cities, following the daily revision in retail fuel rates. Petrol in Delhi now costs Rs 71.07 a litre and diesel is priced at Rs 65.22 per litre, according to a price notification issued by state-owned oil firms. On Wednesday, fuel prices remain unchanged in all metro cities, with Delhi retailing it at the cheapest prices among all metros and most state capitals due to lower taxes.
In Mumbai, the retail prices of petrol and diesel are Rs 76.76 a litre and Rs 68.39 a litre respectively on Thursday. Similarly, in Chennai, petrol is sold at Rs 73.84 a litre, down 17 paise compared with yesterday’s price of Rs 74.01 a litre, and diesel is sold at Rs 69, down 36 paise from Rs 69.36 a litre on Wednesday.
People in Kolkata have to pay Rs 73.31 for a litre of petrol while diesel is retailing at Rs 67.14 per litre, 34 paise less than yesterday’s price. In Noida, petrol is priced at Rs 70.83 a litre, decrease by 13 paise from Rs 71.36 a litre on Wednesday. The price of petrol in Gurugramwas cut by 12 paise to Rs 70.96 a litre on Thursday.
The price cut follows the hovering crude prices in the international oil market as markets remain in intense pressure owing to rising US supply and declining demand amid an economic slowdown.
Brent crude futures, the global oil benchmark, on Thursday rose 0.25 per cent to USD 60.78 per barrel. The rupee, on the other hand, opened on a weak note and declined by 19 paise to 69.45 against the US dollar in opening trade today, ahead of the Reserve Bank of India's monetary policy decision.
The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of country's requirement is met through imports.