Petrol prices have shown a steady decline after a continuous rise for several days. Petrol prices were cut by 13 paise on Monday, while diesel prices were down by 12-13 paise across four major cities. In a big relief, the petrol prices have come down to below Rs 80 per litre-level in Mumbai, while diesel is still above Rs 70 in Mumbai and Chennai. Since October 2, petrol has seen 72 paise decline in Delhi, while diesel prices have dropped by 46 paise. The other metro cities have also seen a similar cut in fuel prices.
Petrol, diesel prices in the four metropolitan cities:
Delhi: Petrol - Rs 73.76; Diesel - Rs 66.91
Mumbai: Petrol - Rs 79.37; Diesel - Rs 70.14
Kolkata: Petrol - Rs 76.40; Diesel - Rs 69.27
Chennai: Petrol - Rs 76.61; Diesel - Rs 70.68
The continuous spike in fuel prices in India was propelled by the drone attack on Saudi oil facilities that disabled around 5 per cent of the global supply. Not only fuel prices in India were impacted as the aftermath, but retailers were also scouring the market for liquefied petroleum gas (LPG) ahead of the festive season. India depends on Saudi Arabia for a fifth of its oil imports and buys around 2,00,000 tonnes of LPG every month. While the price of petrol and diesel is impacted by the global crude price and the value of rupee, the Saudi Arabia drone attack compounded the increase in prices.
Meanwhile, global crude oil prices have also fallen on Monday, extending the last week's heavy losses, with traders fearing the global economic slowdown will weigh on future oil demand growth while pegging hopes for a rebound on progress in talks this week on ending the US-China trade war, reported Reuters. Brent crude futures edged down 24 cents to $58.13 a barrel by 0147 GMT while US West Texas Intermediate (WTI) crude CLc1 was at $52.69, down 12 cents.
Edited by Manoj Sharma