Petrol, diesel prices continue to fall as crude prices falter

Falling international crude oil prices and a stronger rupee saw to yet another decline in petrol and diesel prices in India. Keeping up with the downward trend that has been going on for the past 24 days, oil marketing companies slashes the prices for transportation fuels again on Sunday.

In Delhi, petrol price is now Rs 77.89, whereas diesel is available at Rs 72.58 per litre. Petrol prices in Mumbai fell to Rs 83.40 per litre, and diesel prices were reduced to Rs 76.05 per litre. In Kolkata, the cost of a litre of petrol is now Rs 79.81, and diesel is being retailed at Rs 74.44 per litre. A litre of petrol is being retailed Rs 80.90 in Chennai, while diesel is now available at Rs 76.72 per litre.

Returning from a probable $100 a barrel, crude oil prices have been on the decline on the back of an increase in supply. Indian oil marketing companies have not hiked petrol and diesel prices since October 16. During this period, oil prices have either declined or remained unchanged.

Meanwhile, global crude prices continued to slide as supply increased, raising investor concerns about slump in demand growth. Oil prices declined by one per cent on Friday, while US crude fell for the tenth consecutive day, marking its longest streak of daily declines since 1984, a Reuters report said.

Edited by Vivek Punj