- Petrol rates have been cut by 43-47 paise per litre in six days
- Diesel rates are down 72-77 per litre since February 7
- Petrol, diesel rates are revised with effect from 6 am every day
|Petrol (Rs per litre)|
|Diesel (Rs per litre)|
From February 8, oil marketing companies - IOCL, BPCL and HPCL - have started lowering the rates, reversing the trend seen in the recent past. Since February 7, petrol rates have been lowered by a cumulative 43-47 paise per litre. Diesel rates have been cut by 72-77 paise per litre during this period. On February 7, petrol retailed at Rs 73.38 per litre in Delhi, Rs 76.07 per litre in Kolkata, Rs 81.24 per litre in Mumbai and Rs 76.12 per litre in Chennai. Diesel rates were Rs 64.22 per litre in Delhi, Rs 66.89 per litre in Kolkata, Rs 68.39 per litre in Mumbai and Rs 67.73 per litre in Chennai, according to Indian Oil.
In the current scheme of petrol and diesel price revision, the prices of the two fuels are determined broadly by the global crude oil rates and the rupee-dollar exchange rate. Global crude oil prices were stable on Wednesday, supported by healthy economic growth and expectations that a weaker dollar could spur fuel demand. Crude oil is inversely correlated with the dollar. Despite this, crude prices remain well below recent highs due to signs of lingering oversupply, including rising US inventories and ample physical flows globally. The recent turmoil in global financial markets has hit crude prices.
So far this year, petrol rates are up by Rs 2.97 per litre in Delhi, Rs 2.92 per litre in Kolkata, Rs 2.94 per litre in Mumbai and Rs 3.12 per litre in Chennai. Diesel rates have risen by Rs 3.86 per litre in Delhi, Rs 3.87 per litre in Kolkata, Rs 4.35 per litre in Mumbai and Rs 4.13 per litre in Chennai.
Petrol and diesel rates are revised with effect from 6 am every day. Petrol and diesel retailers in the country - with Indian Oil Corporation being the largest - adopted a daily price revision system in June last year.
(With agency inputs)