Petrol and diesel prices remained unchanged on Wednesday after six consecutive days of rate hike. After Tuesday’s rate revision, petrol became costlier by 9-11 paise while diesel price was hiked by 6-7 paise per litre across the country. Retail prices of in Delhi were increased by 9 paise to Rs 71 per litre as against Rs 70.91 on Monday, diesel cost Rs 66.17 a litre as compared to Rs 66.11 yesterday. Retail petrol price in Mumbai was increased by 10 paise to Rs 76.64, from the previous Rs 76.54, while diesel cost Rs 69.30 a litre.
It is worth mentioning here is that so far this year, petrol prices went up approximately Rs 2.05 a litre and Rs 2.2 per litre in Delhi and Mumbai, respectively. Diesel prices have been increased by Rs 3.25 a litre and Rs 3.47 per litre, respectively.
People in Kolkata have to pay Rs 73.11 for a litre of petrol, while a litre of diesel cost Rs 67.95 in Kolkata. In Chennai, petrol was retailing at Rs 73.72, while diesel price climbed to Rs 69.91, according to data from the Indian Oil Corporation website.
In Noida, a litre of petrol costs Rs 70.78 while diesel costs Rs 65.32. In Gurugram, petrol costs Rs 71.65 a litre and diesel Rs 65.77. In Faridabad, petrol and diesel cost Rs 71.87 a litre and Rs 65.99, respectively.
In the international oil market, crude prices fell on Tuesday on caution that economic growth may disrupt fuel demand this year. International Brent crude oil futures were trading at $66.08 per barrel, down 42 cents, or 0.6 per cent from their last close.
Retail petrol price had peaked to Rs 84 a litre in Delhi in October 2018 and it crossed the Rs 91-mark in Mumbai. In the international oil market, crude prices went up on Monday, amid supply cuts by OPEC and US cubs on Iran and Venezuela. International Brent crude oil futures were trading at $66.78 per barrel, up 0.6 per cent, from their last close.
Global crude oil prices have declined about 28 per cent since the October high of $86.74 a barrel. However, Brent futures - the global benchmark for crude oil - have risen about 16 per cent so far in 2019.
Because of the daily dynamic pricing regime, the retail fuel prices depend on global crude prices on a 15-day average, besides and the rupee-US dollar exchange rate as India imports 80 per cent of its crude requirements.