Petrol and diesel prices were cut on Tuesday. While petrol prices were reduced for the seventh day in a row, diesel prices were lowered for six days in seven. Petrol prices across Delhi, Kolkata, Mumbai and Chennai were cut by 12-14 paise per litre on Tuesday compared with the previous day's prices, according to Indian Oil Corporation data. Diesel prices were slashed by 9-10 paise per litre across the four metros. The downward movement in prices follows sixteen days of consecutive hikes, on the back of surge in crude oil prices and weakness in the rupee against the dollar.
- Petrol, diesel prices lowered in range of 9-14 paise per litre in metros
- Petrol price at Rs 77.83/litre in Delhi, diesel price at Rs 68.88/litre
- Price cut follows sixteen days of consecutive hikes
Here are five things to know about petrol and diesel prices today:
1. With effect from 6 am on Tuesday, June 5, petrol prices were at Rs 77.83 per litre in Delhi, Rs 80.47 per litre in Kolkata, Rs 85.65 per litre in Mumbai and Rs 80.80 per litre in Chennai, according to Indian Oil Corporation. Diesel prices were at Rs 68.88 per litre, Rs 71.43 per litre, Rs 73.33 per litre and Rs 72.72 per litre in Delhi, Kolkata, Mumbai and Chennai respectively.
|Petrol price (in Rs. per litre)||Diesel price (in Rs. per litre)|
2. Fuel prices in Delhi are the lowest among the metros. Prices vary from state-to-state depending on local sales tax or value added tax (VAT). Petrol prices have been lowered by a total 60 paise per litre in Delhi, 59 paise per litre in Kolkata and Mumbai, and 63 paise per litre in Chennai since May 29. Diesel prices have been cut by 43 paise per litre in Delhi and Kolkata, and 46 paise per litre in Mumbai and Chennai during this period.
(Read: Government Looking At Short-Term, Long-Term Solutions On Petrol, Diesel Prices)
3. In the international market, although crude oil prices edged higher on Tuesday, growing US production and expectations of higher OPEC (Organization of the Petroleum Exporting Countries) supplies continued to weigh on the sentiment. Brent crude futures were around $75.50 per barrel. Crude oil prices had fallen nearly 2 per cent on Monday.
4. The rupee is down 5 per cent against the US dollar so far this year. On Monday, it had touched the level of 66 level against the US dollar, before closing almost flat at 67.11. Besides global oil prices and the broad movement of the US dollar, the rupee will take cue from this week's Reserve Bank of India (RBI) monetary policy and rate decision, to be announced on Wednesday.
|State capital||Petrol price on June 5|
in Rs. per litre
|Diesel price on June 5|
in Rs. per litre
(Also read: Subsidised LPG Cylinders Get Costlier, Non-Subsidised Rate Hiked By Nearly Rs. 50)
5. India meets more than 80 per cent of its oil requirement through imports. That makes crude oil the most expensive item on the country's import bill. Weakness in the rupee against the US dollar also puts pressure on domestic petrol and diesel prices. The rupee is down more than 4 per cent against the greenback so far this year.
(With agency inputs)