Petrol, diesel prices were cut for the ninth straight day on Friday following which it traded near its lowest level since July 2018 in Delhi. After today’s price cut, petrol became cheaper by 37-40 paise in major cities of the country while diesel prices came down by 40-45 paise per litre. In the national capital Delhi, non-branded petrol today was retailing at Rs 72.87 as against Rs 73.24 on Thursday while diesel was priced at Rs 67.72, 40 paise less than yesterday’s price of Rs 68.13, according to data available on Indian Oil Corporation website.
In Mumbai, petrol was sold at Rs 78.43 per litre and diesel was retailing at Rs 70.89, its lowest level since May 2018, after today’s price cut. Petrol price came down by 37 paise while diesel became cheaper by 44 paise in the business capital of India.
Similarly in the other two metro cities – Chennai and Kolkata – petrol was sold at Rs 75.62 and Rs 74.88 respectively and diesel in these two cities was priced at Rs 71.52 and Rs 69.57 respectively.
In Noida petrol was sold at Rs 72.18 while diesel was retailing at Rs 66.59.
International crude oil prices continued its downward trend on Friday as well after the United States reported a 10th straight weekly gain in commercial crude reserves amid record output. Brent Crude futures were trading below the $60 per barrel mark on Friday in Asian trade. Crude oil prices have come down by over 30 per cent since it touched its recent pick in the month of October. The fall in crude prices has brought good news for India, as it imports over 80 per cent of its crude requirement. Tracking the fall in crude, the Indian rupee, also appreciated against the US dollar. It closed below the 70 per dollar mark for the first time after August. The rupee has appreciated over 5 per cent in this month so far.