Petrol and diesel prices were lowered in the range of 8-12 paise per litre. That marked the eighth consecutive cut for petrol prices and the seventh in eight days in case of diesel. Currently, domestic petrol and diesel prices - determined broadly by crude oil and rupee-dollar forex rates - are revised on a daily basis, and the new rates effected at fuel stations at 6:00 am every day. Petrol prices have been lowered by a total 71 paise per litre in Delhi, 69 paise per litre in Kolkata, 70 paise per litre in Mumbai and 75 paise per litre in Chennai since May 29, data from Indian Oil Corporation shows. Diesel prices have been decreased by 51 paise a litre in Delhi and Kolkata each, and 54 paise per litre in Mumbai and Chennai.
Here are five things to know about petrol and diesel prices today:
1. With effect from 6 am on Wednesday, June 6, petrol prices were at Rs 77.72 per litre in Delhi, Rs 80.37 per litre in Kolkata, Rs 85.54 per litre in Mumbai and Rs 80.68 per litre in Chennai, according to Indian Oil Corporation, the country's largest fuel retailer. Diesel prices were at Rs 68.8 per litre in Delhi, Rs 71.35 per litre in Kolkata, Rs 73.25 per litre in Mumbai and Rs 72.64 per litre in Chennai.
|Petrol price (in Rs. per litre)||Diesel price (in Rs. per litre)|
(Read:Government Looking At Short-Term, Long-Term Solutions On Petrol, Diesel Prices)
2. Fuel prices in Delhi are the lowest among the four metros. Prices vary from state-to-state depending on local sales tax or value added tax (VAT).
|State capital||Petrol price on June 6|
(in Rs. per litre)
|Diesel price on June 6|
(in Rs. per litre)
3. In the international market, Brent crude prices reversed losses, after hitting $73.81 a barrel - their lowest price in nearly a month - following a report the US government asked Saudi Arabia and other major exporters to increase oil output. Brent crude futures settled at $75.38 per barrel, recovering nearly 6 per cent from 2014 highs around $80 a barrel hit last month. It touched a low of $73.81 a barrel, its lowest since May 8.
4. The rupee settled at 67.16 against the US dollar on Tuesday, weakening slightly for the second day. At that level, the rupee has recovered nearly 2 per cent from an 18-month low hit against the greenback last month. However, it is down more than 5 per cent against the greenback so far this year. Weakness in the rupee against the US dollar makes crude oil imports costlier for Indian refiners, and vice-versa.
(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.