Petrol, diesel prices reverse trend in India, record fifth-consecutive decline
Price rise in fuel product has been since start of 2018, despite FM Arun Jaitley trimming down excise duty on various products, especially fuel products, during FY19 Budget.
Petrol and diesel prices have started to reverse trend in India, witnessing gradual decline each passing day.
According to Indian Oil data, petrol prices today in New Delhi stood at Rs 73.01 per litre, Kolkata at Rs 75.70 per litre, Mumbai at Rs 80.87 per litre and Chennai at Rs 75.73 per litre.
If we compare with previous day price, petrol prices have lowered, as of February 11 it was priced at Rs 73.22 per litre in New Delhi, Rs 75.91 per litre in Kolkata, Rs 81.08 per litre in Mumbai and Rs 75.95 per litre in Chennai.
Also on Monday, it would be petrol price's fifth consecutive decline, but the prices are still at four-year high.
Similar was the case of diesel price in India.
On Indian Oil, diesel is valued at Rs 63.62 per litre in New Delhi, Rs 66.29 per litre in Kolkata, Rs 67.75 per litre in Mumbai and Rs 67.09 per litre in Chennai.
This was lower compared to previous day, as diesel price in New Delhi was at Rs 63.90 per litre, in Kolkata at Rs 66.57 per litre, in Mumbai at Rs 68.05 per litre and in Chennai at Rs 67.39 per litre.
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 state government.
Last week, US crude tumbled to seven-week low at $58.07 a barrel, while Brent crude dropped $1.66, or 2.6 percent, to $63.15, after hitting a nine-week low at $61.77. While WTI went below $59 a barrel after Baker Hughes reported the US oil rig count rose by 26 rigs to 791, the highest total since April 2015.
It may be noted that US crude was down nearly 9.6%, while Brent has fallen about 8%.
Apart from this, weak stock market has also impacted oil market. Reports mentioned that, given that oil is related to dollar index which has strengthened as equities markets slid.
So far in 2018, petrol prices in New Delhi have risen by Rs 3.34 per litre, in Kolkata by Rs 3.28 per litre, in Mumbai by Rs 3.30 per litre and in Chennai by Rs 3.51 per litre.
While diesel prices have increased up Rs 4.58 per litre in New Delhi, by Rs 4.59 per litre in Kolkata, by Rs 5.12 per litre in Mumbai and Rs 4.90 per litre in Chennai so far.