Petrol prices in Mumbai below Rs 80-mark; Diesel down Rs 2 per litre in 2 weeks
Petrol has tumbled in the range of 85 paisa to 91 paisa per litre, whereas diesel prices have come down between Rs 1.20 and Rs 1.28 per litre.
Prices of petrol and diesel in India have continued downward trend, and on Monday they were cut lower in the range of 12 paisa per litre to 16 paisa per litre.
If compared with previous day price, petrol prices for February 19, in New Delhi stand at Rs 71.92 per litre, in Kolkata at Rs 74.63 per litre - seeing 15 paisa each decline for the day.
In Mumbai, petrol was down by 14 paisa per litre and was made available at Rs 79.80 per litre. The city is seeing below Rs 80 per litre-mark for the first time - since January 22, 2018.
While in Chennai, petrol prices were down by 16 paisa to Rs 74.58 per litre.
Petrol prices on February 18, stood at Rs 72.07 per litre in New Delhi, Rs 74.78 per litre in Kolkata, Rs 79.94 per litre in Mumbai and Rs 74.74 per litre in Chennai.
However, diesel prices were decreased by much lower value as against previous day prices.
On Monday, diesel declined by 12 paisa each in New Delhi, Kolkata and Mumbai to Rs 62.44 per litre and Rs 65.10 per litre and Rs 66.50 per litre respectively.
In Chennai, this fuel product saw reduction of 13 paisa and was available at Rs 65.83 per litre.
Diesel on February 18, was valued at Rs 62.56 per litre in New Delhi, Rs 65.22 per litre in Kolkata, Rs 66.62 per litre in Mumbai and Rs 65.96 per litre in Chennai.
State-owned oil marketing companies (OMCs) like IOCL, Bharat Petroleum Corp Limited (BPCL) and Hindustan Petroleum Corp Limited (HPCL) have started to bring petrol and diesel prices from February 8.
Petrol and diesel prices were at four-month high on February 7. On this day, petrol was available at Rs 73.38 per litre in Delhi, Rs 76.07 per litre in Kolkata, Rs 81.24 per litre in Mumbai and Rs 76.12 per litre in Chennai.
While diesel was retailed at Rs 64.22 per litre in Delhi, Rs 66.89 per litre in Kolkata, Rs 68.39 per litre in Mumbai and Rs 67.73 per litre in Chennai.
Taking into consideration current fuel prices, petrol have tumbled in the range of Rs 1.44 per litre to Rs 1.54 per litre each in these metro cities, whereas diesel prices have come down between Rs 1.78 per litre and Rs 1.90 per litre each.
Currently, petrol and diesel price revision in various cities are determined by global crude rates, rupee-dollar exchange rate along with excise duty and VAT levied by the ministry and the state government.
Last year, India gave up on petrol, diesel subsidy and linked prices to the international markets in hope that consumers will benefit as crude oil prices are trading at a third of their lifetime highs.
ZeeBiz brings you daily updates on petrol and diesel prices. You can now compare previous day and present day's price change in petrol and diesel prices here.