New Delhi: On the back of consistent decrease in crude oil rates, the price of petrol has been cut by Rs 10 per litre and diesel by Rs 8 in the last six weeks. State-run fuel retailers decreased the price by 37 paise and 41 paise today. Petrol is now back to where it was 8 months ago, before the start of the current financial year. A litre of petrol costs Rs 72.87 in Delhi, Rs 78.43 in Mumbai, Rs 73.44 in Bengaluru, Rs 75.62 in Chennai and Rs 74.88 in Kolkata.
Diesel, on the other hand, costs Rs 67.72 in Delhi, Rs 70.89 in Mumbai, Rs 68.07 in Bengaluru, Rs 71.52 in Chennai and Rs 69.57 in Kolkata. With crude oil prices falling to year-low levels, petrol and diesel prices have been falling down continuously since the last 45 days.
Petrol, diesel price chart shows that in the last six weeks, petrol price is down by about Rs 10 per litre and diesel by about Rs 8.
Crude oil has lost almost a third in value since early October because of an emerging supply glut following a global surge in production, including from the United States, Russia and by the Middle East-dominated Organization of the Petroleum Exporting Countries (OPEC).
Ahead of an OPEC meeting on December 6, when supply cuts are expected, oil prices have however started to firm. US West Texas Intermediate (WTI) crude futures were trading above $51 per barrel while international Brent crude oil futures were below $60 per barrel.