State-run Oil marketing companies slashed the retail prices of petrol and diesel rates across the four metro cities on Monday (May 13) for the fifth successive day. Following the daily revision in prices, petrol prices in all the metro cities lowered by 29-32 paise per litre while diesel became cheaper by 13-14 paise.
Petrol rates were cut in New Delhi by 30 paise to Rs 71.43 a litre on Monday as against Rs 71.73 on Sunday. Diesel in the national capital became cheaper by 13 paise to Rs 65.98 as compared with Rs 66.11 yesterday’s price. It is worth noting that the retail prices of petrol and diesel rates in Delhi are the cheapest among all metros and most state capitals due to lower taxes.
In Kolkata, the retail prices of petrol and diesel are Rs 73.50 a litre and Rs 67.73 a litre respectively, according to data available on Indian Oil Corporation website. Similarly, in Mumbai, petrol is sold at Rs 77.04 a litre, down 30 paise compared with yesterday’s price of Rs 77.34 a litre, and diesel is sold at Rs 69.13 per litre, 14 paise less than yesterday’s rate.
People in Chennai have to pay Rs 74.14 for a litre of petrol while diesel retailed at Rs 69.74 per litre.
As per the daily dynamic pricing regime, the retail fuel prices depend on global crude prices on a 15-day average, and the rupee-US dollar exchange rate as India imports 80 per cent of its crude requirements. It is worth noting that that the retail petrol price had climbed to Rs 84 a litre in Delhi and it crossed the Rs 91 mark in Mumbai in October last year. On Monday, in the international oil market, crude prices were mixed as investors and traders worried over global economic growth prospects amid an impasse in US-China trade talks.
International Brent crude oil futures were trading at USD 70.73 per barrel, up 11 cents, or 0.2 per cent, from their last close.