With the Organisation of the Petroleum Exporting Countries (OPEC) remaining non-committal on crude oil supply cut at its Vienna meeting, fuel prices now appear to be heading for another slide in India. Petrol and diesel prices, down by about 15% in the last 2 months, dropped by 40 paise and 41 paise, respectively, today Friday Dec 07,2018. Petrol costs Rs 70.92 per litre in Delhi, Rs 71.46 in Bengaluru, Rs 76.50 in Mumbai, Rs 73.57 in Chennai and Rs 72.97 in Kolkata.
A litre of diesel, on the other hand, costs Rs 65.55 in Delhi, Rs 65.88 in Bengaluru, Rs 68.59 in Mumbai, Rs 69.19 in Chennai and Rs 67.28 in Kolkata. In November, when crude oil rates fell by around 22% in the international market, petrol prices, however, fell by only about 9% in India.
Petrol prices had hit an all-time high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4, when crude oil was also trading at higher levels. Since then, petrol has fallen by about 15% while crude oil rates have been down by about 30% over concerns of oversupply and global economic slowdown.
The price gap between the two automobile fuels has been narrowing. The rate of decline in petrol prices has not been as sharp as that for diesel. While petrol price is back to where it was in mid-Jan while diesel is struggling to cross April levels. Oil retailers say it is due to a difference in benchmark rates for both fuels.
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