Fuel prices were last increased on 16 October. Since then daily prices of petrol and diesel have either remained static or have decreased. Photo: Mint
New Delhi: With the rupee strengthening against the dollar and a meltdown in international crude oil rates, the prices of both petrol and diesel were not increased for the 24th consecutive day today. State-run oil marketing companies decreased the price of both petrol and diesel by 15 paise.
Fuel prices were last increased on 16 October. Since then daily prices have either remained static or have decreased. According to the latest rates, petrol costs Rs 78.06 in Delhi, Rs 83.57 in Mumbai, Rs 81.08 in Chennai, Rs 78.69 in Bengaluru and Rs 79.98 in Kolkata. Diesel costs Rs 72.74 in Delhi, Rs 76.22 in Mumbai, Rs 76.89 in Chennai, Rs 73.13 in Bengaluru and Rs 74.60 in Kolkata.
Petrol and diesel prices were on an upswing since the middle of August riding on high prices of crude oil, 80% of which is imported, and a weakening rupee. The market trend has now reversed on both counts, leading to a consistent drop in fuel prices in India.
The rupee has lost about 12.5% of its value against the dollar this year. It has now been contained below 73 from 74 plus rates.
International crude oil prices, on the other hand, declined about 20% from their October high, Bloomberg reported. Brent crude oil fell to its lowest since early April, down more than 18% since reaching a four-year high at the beginning of October.
Oil marketing companies decide the daily price of petrol and diesel at 6 am after taking into account the value of the rupee against dollar and a 15-day average of crude oil prices.
Petrol and diesel prices had touched record highs on October 4. Petrol climbed to Rs 84 per litre in Delhi and Rs 91.34 in Mumbai while diesel was at Rs 75.45 in Delhi and Rs 80.10 in Mumbai.