Here’s good news for the vehicle owners as the oil marketing companies have cut petrol and diesel prices.
Amid a decline in the global crude prices and a firmer rupee, the fuel prices continue to soften.
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As per media reports, in the top metro cities, the petrol price has been cut by 16-17 paise per litre while the diesel price has been cut by 20-22 paise.
In Delhi, the petrol price was cut by Rs 71.94 per litre on Tuesday, which is the lowest in about 5 months.
On Tuesday in Kolkata, petrol was retailed at Rs 74.58 a litre while in Mumbai and Chennai, the price of petrol has been retailed at Rs 77.6 per litre and Rs 74.73 per litre respectively.
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In Guwahati, petrol was retailed at Rs 74 per litre on Tuesday.
In the last 10 days, petrol prices continue to be cut.
According to sources, in Guwahati on February 10, petrol was retailed at ? 74.17 per litre while the fuel was retailed at Rs 74.53 per litre on February 8-9.
While the petrol was retailed at Rs 74.77 on February 7, it was retailed at Rs 74.99 on February 6, at Rs 75.10 on February 4-5, at Rs 75.15 on February 3 and the fuel was retailed at Rs 75.2 on February 2.
In Delhi, the diesel now costs Rs 64.87 per litre, which is the lowest in seven months while the fuel is retailed at Rs 67.19 per litre in Kolkata on Tuesday.
In Mumbai and Chennai, diesel was retailed at Rs 67.98 per litre and Rs 68.5 per litre respectively on Tuesday.
The retail prices of petrol and diesel in India depend on international crude prices and the rupee-US dollar exchange rate.
India imports about three-fourth of its crude requirements.
The prices of petrol and diesel are reviewed by the oil marketing companies on a daily basis.
The global crude oil prices go down due to weaker Chinese demand in the wake of the coronavirus outbreak.
Oil has dropped more than 25 per cent from a peak in January and is down at below $54 per barrel.