No change in Petrol, diesel prices today, check latest rates

Petrol, diesel remained unchanged on second consecutive day due to recovery in crude oil globally. The last change happened on Friday when OMC's increased the fuel rates in major cities. In the National capital Delhi, petrol is selling at Rs 68.50 and diesel is available at Rs 62.24, no change against yesterday's price. In the business capital, Mumbai, the petrol is available at Rs 74.16 while diesel price is set at Rs 65.12 per litre. In the NCR, in Noida, petrol price remained same at Rs 69.79 and diesel price at Rs 61.93. In Gurugram, petrol, diesel prices remained unchanged at Rs 69.82 and Rs 62.54, respectively.

While In the other two metro cities- Chennai and Kolkata- petrol is priced at  Rs 71.07 and Rs 70.64, respectively. Similarly, diesel in the two cities was retailing at Rs 65.70 and Rs 64.01, respectively, on Wednesday.

International crude oil surged amid hopes of Washington and Beijing can resolve a trade dispute, as it has pushed a global economic slowdown. The investors are hoping for an end to the trade war among two giant economies. Meanwhile, cuts in OPEC-led oil supplies has also affected oil's International prices. 

Crude prices have increased by over 7 per cent in the last five trading sessions. Meanwhile, the Indian rupee appreciated against the US dollar and was trading 2 paise lower at 70.18 against the US dollar on Wednesday. However, international Brent crude futures were at $59.41 per barrel, up 69 cents, or 1.2 percent from their last closing.

As the fuel prices have corrected over 18 per cent since June 2018, the commuters will continue to get relief. It may be noted that retail fuel prices depend on 15 day average of both international crude price and rupee-dollar exchange rate. 

The central and state governments cut taxes on oil in the year 2018, when petrol and diesel were hovering at all time highs. Brent was over $85 per barrel in October 2018. Since then, there is a major 40 per cent correction in the crude prices.