State-run fuel retailers chose not to decrease petrol, diesel prices for the second day in a row today.
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. Updated: 18 Mar 2020, 08:59 AM IST
Petrol price has become cheaper by ₹6.42 a litre and diesel by ₹6.88 a litre since January 11Crude oil rates have halved since its January highs
NEW DELHI :
Even as Brent crude oil rates settled below the $30 a barrel mark for the first time since 2016, petrol and diesel prices were left unchanged for the second consecutive day today. As compared with January highs, crude oil rates have halved now while fuel rates in India have fallen by more than ₹6 a litre.
Fuel price chart shows that petrol and diesel prices had touched a year high on 11 January when petrol was above ₹76 in Delhi and petrol crossed the ₹69 mark. Since then, petrol price has become cheaper by ₹6.42 a litre and diesel by ₹6.88 a litre.
Petrol and diesel prices would have fallen further after the massive slump in crude oil rates had the excise duty was not hiked by ₹3 a litre. Amid widening fiscal deficit, the government is estimated to earn around ₹39,000 crore of additional revenue due to the duty hike.
As India imports more than 80% if its oil requirements, rates in the international market influences fuel prices in India. With oil falling below the $30 a barrel mark, oil marketing companies are now looking to boost their profits and margins by increasing spot buying of oil.
Petrol, diesel prices in top cities today
In Delhi, a litre of petrol is priced at ₹69.59 per litre and diesel at ₹62.29 per litre today. In Mumbai, petrol is selling at ₹75.30 per litre and diesel at ₹65.21 per litre. In Chennai, a litre of petrol will cost ₹72.28 per litre whereas diesel is now priced at ₹65.71 per litre. In Bengaluru, petrol is now selling at ₹71.97 and diesel at ₹64.41. In Hyderabad, petrol pumps are charging ₹73.97 for petrol and ₹67.82 for diesel. If you are in Gurgaon, you will have to shell out ₹70.21 for petrol and ₹62.08 for diesel.