So far in four days, the retail price of petrol and diesel are off 70 to 80 paise a litre in top citiesNew Delhi: Delhi recorded its lowest petrol price of the year at Rs 69.86 a litre a day before Christmas after fuel prices tumbled for the fourth straight day, following a decline in global crude oil prices. In Kolkata, petrol tumbled to Rs 71.96, in Mumbai Rs 75.48, in Chennai Rs 72.48 and in Bengaluru Rs 70.42. Similarly, in Delhi, diesel came down to Rs 63.83 a litre, while it retailed at Rs 65.59 in Kolkata, Rs 66.79 in Mumbai, and Rs 64.18 in Bengaluru, down 18 to 20 paise.
So far in four days, the retail price of petrol and diesel are off 70 to 80 paise a litre in top cities. The retail prices of both petrol and diesel depend globally on crude oil prices and rupee-dollar exchange as India imports around 80 percent of its total crude oil requirement.
Global oil prices have dipped in the past few months on rising supplies and concerns over a slowing global economy. International benchmark Brent crude fell below $53 a barrel last week, its lowest since September 2017.
It was only recently that prices had hit a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4 when crude prices were hovering around $85 a barrel. Diesel had also peaked at an all-time high of Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.
PSU Watch is a business news brand of 27 Frames Communications LLP. It places the spotlight on PSUs, Governance, Bureaucracy, Defence and Public Policy as the sector traverses through a period of radical change.