Petrol, diesel prices remain unchanged for the second straight day on Thursday after a sixth straight day of cuts. In the national capital Delhi, petrol is sold at Rs 68.65 and diesel is sold at Rs 62.66. It may be noted that petrol is already at its lowest level in over one year while diesel prices are lowest since last March, 2018.
In the other two NCR region, Gurugram and Noida, petrol is priced at Rs 69.93 and Rs 68.90 respectively and diesel is retailing at Rs 62.89 and Rs 62.28 respectively.
In Mumbai, the business capital of the country, petrol is priced at Rs 74.30, no change compared to Wednesday’s price and diesel is sold at Rs 65.56, unchanged from yesterday’s price.
In the other two metros, Chennai and Kolkata, petrol is sold at Rs 71.22 and Rs 70.78 respectively while diesel in these cities is sold at Rs 66.14 and Rs 64.42 respectively.
Oil prices fell in Asian trade on Thursday amid volatile currency and stock markets, and as analysts warned of an economic slowdown for 2019 just as crude supply is rising globally. International Brent crude futures were down 36 cents, or 0.7 percent, at $54.55 per barrel. The Indian rupee opened lower on Thursday and was trading at 70.38 against the US dollar. It may be noted that retail fuel prices depend on both international crude price and rupee-dollar exchange rate.
Petrol, diesel prices have already fallen close to 20 per cent from the highs made in early October as crude prices are down nearly 40 per cent in these three months. The crude price fall brings cheer for India as the country imports more than 80 per cent of its crude requirement. It will help in lowering the current account deficit of the country and will cool inflation further, raising hopes for a repo rate cut from RBI.