Diesel prices today cut to 7-month low, petrol rates remain cheapest in 5 months

Petrol prices today remained at a five-month low as oil marketing companies kept the price of the fuel steady for third day in a row. However, diesel prices were cut today by 5 paisa. In Delhi, petrol today cost ₹71.94 a litre – the lowest in about 5 months. In Kolkata, the fuel retailed at ₹74.58 a litre, in Mumbai at ₹77.6 a litre and in Chennai at ₹74.73 a litre respectively.

In Delhi, diesel today cost ₹64.82 a litre, 5 paise cheaper than yesterday’s price. This is the lowest price of the fuel in seven months.

Petrol and diesel prices are revised by oil marketing companies on a daily basis. The retail prices of petrol and diesel in India depend on the international crude prices and the rupee-US dollar exchange rate. India imports about three-fourth of its crude requirements.

Brent crude prices today fell to $55.73 per barrel. Oil demand in China, the world’s second-largest crude consumer, has plunged because of travel restrictions to and from the country and quarantines within it. Chinese oil refiner China National Chemical Corp said on Thursday it would close a 100,000 barrel-per-day plant and cut processing at two other amid falling fuel demand.

On Wednesday, oil marketing companies sharply hiked the price of non-subsidised liquefied petroleum gas (LPG) cylinders, the sixth hike in as many months. A 14.2 kg non-subsidised Indane LPG cylinder is now priced at ₹858.5 in New Delhi, a sharp hike of ₹144.5 from its last revision on 1st January.

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