Here are 10 things to know about petrol and diesel prices today:
1. With effect from 6 am on Wednesday, petrol prices were at Rs 76.43 a litre in Delhi, Rs 79.1 a litre in Kolkata, Rs 84.26 a litre in Mumbai and Rs 79.33 a litre in Chennai, according to Indian Oil Corporation. Diesel prices were at Rs 67.85 a litre, Rs 70.4 a litre, Rs 72.24 a litre and Rs 71.62 a litre in Delhi, Kolkata, Mumbai, and Chennai respectively.
Petrol, diesel prices in Delhi, Kolkata, Mumbai, Chennai
|Petrol price (in Rs. per litre)||Diesel price (in Rs. per litre)|
2. The series of price cuts - 14 times in case of petrol and 13 in case of diesel - came after 16 days of consecutive hikes in May, a month marked by international crude oil prices hitting 2014 highs around $80 a barrel and the rupee falling to its weakest level against the US dollar in the past 18 months.
3. From May 14 to May 29, petrol prices were increased by Rs. 3.8 a litre in Delhi, Rs. 3.74 a litre in Kolkata, Rs. 3.76 per litre in Mumbai and Rs. 4 per litre in Chennai. Diesel prices were hiked by Rs. 3.38 a litre, Rs. 3.23 a litre, Rs. 3.59 a litre and Rs. 3.62 a litre in Delhi, Kolkata, Mumbai and Chennai respectively.
4. Domestic petrol and diesel prices are determined by global crude oil prices and the rupee-dollar foreign exchange rate, among other factors.
Petrol, diesel prices in other cities
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|Diesel price in |
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5. In the international market, crude oil prices declined on Wednesday. Brent crude futures, the international benchmark for oil prices, were near $75.50 per barrel. Rising supplies in the US and expectations that voluntary production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) could be loosened, dragged the crude oil rates lower.
6. Wednesday's crude oil prices meant a nearly 6 per cent recovery from last month's highs.
8. Annual consumer inflation rose to a four-month high of 4.87 per cent in May as compared to 4.58 per cent in April, official data showed on Tuesday. With that, May became the seventh straight month in which retail inflation figures were higher than the RBI's medium-term target of 4 per cent.
9. Last week, the Reserve Bank of India (RBI) had marginally revised upwards its inflation projection for fiscal year 2019 on strong crude oil prices in the global market. The central bank had revised CPI inflation forecast for 2018-19 to 4.8-4.9 per cent in first half of the fiscal year and 4.7 per cent in the second.
10. Meanwhile, domestic petrol and diesel sales rose to record highs in May, pushing the country's overall fuel consumption for the month higher year-on-year, separate data showed.
(With agency inputs)