Diesel costs Rs 68.13 per litre in Delhi, Rs 71.33 in Mumbai, Rs 68.48 in Bengaluru, Rs 71.95 in Chennai and Rs 69.98 in Kolkata. Diesel price in Delhi is now at its lowest since the last 3 months. Photo: Mint
New Delhi: Following regular price cuts during the last 40 days, diesel is now at its cheapest in the last 3 months while petrol price is at an 8-month low level. Petrol price was today cut down by 33 paise and diesel by 36 paise. Petrol price is now below the Rs 74 mark for the first time in the last 8 months. A litre of petrol costs Rs 73.24 in Delhi, Rs 78.80 in Mumbai, Rs 73.81 in Bengaluru, Rs 76.01 in Chennai and Rs 75.24 in Kolkata.
Diesel, on the other hand, costs Rs 68.13 per litre in Delhi, Rs 71.33 in Mumbai, Rs 68.48 in Bengaluru, Rs 71.95 in Chennai and Rs 69.98 in Kolkata. Diesel price in Delhi is now at its lowest since the last 3 months.
If the last six weeks are taken into account, petrol and diesel prices are down by about Rs 10 and Rs 7 respectively. The gap between petrol and diesel price has narrowed down in the last few months due to difference in international benchmark rates for the two fuels.
Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to an all-time high of Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.
Prices had started to climb from August 16. Petrol in Delhi was priced at Rs 77.14 per litre and in Mumbai it cost Rs 84.58 on August 15. Diesel on that day was priced at Rs 68.72 per litre in Delhi and at Rs 72.96 in Mumbai.
International crude oil prices have been struggling to come out of a bear market to a supply glut. Oil prices climbed 1% this morning after ending yesterday with a 2.5% loss. US crude futures are now close to the $50 barrel mark, a price last seen over a year ago. International benchmark Brent crude are trading below $60.
Global crude oil rates have a direct effect on petrol, diesel price in India as a 15-day moving average of crude prices is taken into consideration by oil companies.