Oil marketing companies, slashed the prices of petrol and diesel across the four metro cities today on falling crude prices. Petrol price was cut by 40 paise per litre in Delhi, Kolkata and Mumbai, and by 42 paise per litre in Chennai.
Similarly, diesel prices were trimmed by 41, 42, 43 and 44 paise per litre in Delhi, Kolkata, Mumbai and Chennai, respectively. Petrol and diesel rates are decided on a daily basis by oil marketing companies on the basis of the rupee-dollar exchange rate and global crude oil prices.
Petrol is priced at Rs. 75.57 per litre in Delhi, Rs. 77.53 per litre in Kolkata, Rs. 81.10 per litre in Mumbai and Rs. 78.46 per litre in Chennai, according to Indian Oil Corporation (IOC).
Diesel rates stand at Rs. 70.56 per litre in Delhi, Rs. 72.41 per litre in Kolkata, Rs. 73.91 per litre in Mumbai and Rs. 74.55 per litre in Chennai.
State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis. The government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly.
Globally, oil prices plunged to their lowest since late 2017 on Friday amid choppy trading, weighed down by an emerging crude supply overhang and a darkening economic outlook, reported news agency Reuters. To counter bulging supply, the Organization of the Petroleum Exporting Countries (OPEC) is expected to start withholding output after a meeting planned for December 6.
International benchmark Brent crude oil futures fell their lowest since December 2017 at $61.52 per barrel, before recovering to $62.13 in the intraday trade. That was 47 cents, or 0.8 per cent, below their last close.>