Petrol, Diesel price down gradually in India, as crude oil tumbles
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.
After seeing a marginal hike in their prices on the previous day, petrol and diesel in India once again fell on Thursday.
If compared with previous day's price, petrol prices for February 22 in New Delhi, Mumbai and Chennai stand at Rs 71.70 per litre, Rs 79.58 per litre and Rs 74.35 per litre, each seeing 2 paisa decline for the day.
In Kolkata, petrol was down by 1 paise per litre and was made available at Rs 74.45 per litre.
Petrol prices for February 21, in New Delhi was at Rs 71.72 per litre, in Kolkata at Rs 74.44 per litre, in Mumbai at Rs 79.60 per litre and in Chennai at Rs 74.37 per litre.
Similar was the case with diesel prices in India.
On Thursday, diesel declined by 1 paisa each in New Delhi, Mumbai and Chennai to Rs 62.29 per litre, Rs 66.34 per litre and Rs 65.67 per litre, respectively.
In Kolkata, this fuel product saw a fall of 2 paise and was available at Rs 66.98 per litre.
Diesel on February 21, was valued at Rs 62.30 per litre in New Delhi, Rs 64.96 per litre in Kolkata, Rs 66.35 per litre in Mumbai and Rs 65.68 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.
Meantime, in global oil markets, US crude futures fell 61 cents to $61.06 a barrel, while Brent lost 48 cents to trade at $64.94.
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.