Petrol, diesel rates cut
today to lowest in many months. Check latest prices
- Petrol prices
are now down at 9-month lows while diesel rates are lowest in about 15
months
- Global oil
prices have fallen sharply this month
Petrol and diesel prices
were lowered today as global oil prices continued to remain soft. In top
metros, petrol prices were cut about 13 paise to 15 paise today as rates fell
to nine-month low. In Delhi, petrol today retailed at 70 a litre while in
Kolkata ₹72.7
a litre, in Mumbai ₹75.7 a litre and in Chennai ₹72.71
litre. Diesel prices were also cut by a similar margin today.
 |
| In Delhi, petrol today retailed at 70 a litre and diesel at ₹62.74 a litre |
Prices of
petrol and diesel were decontrolled in 2010 and 2014 respectively. Public
sector oil companies revise fuel prices every day in line with international
product prices and other market conditions. Other cost elements in the retail
selling prices of petrol and diesel are excise duty, VAT, marketing cost and
margins, dealers commission etc. The government had earlier clarified that the
retail prices of petrol and diesel in the country are not linked to the international
crude oil prices but are linked to the international prices of petrol and
diesel.
India's fuel demand grew
4.5% in February from a year earlier, data from the Petroleum Planning and
Analysis Cell (PPAC) of the oil ministry showed on Thursday.
India's demand for petrol
used in passenger vehicles rose in February at its fastest since May last year,
growing about 11.2% from a year earlier to 2.51 million tonnes. Diesel grew at
its fastest in three months, rising 6.3% from a year earlier to 7.16 million tonnes,
the data showed.
Diesel is used by trucks and heavy vehicles for transporting goods, and for powering generators and other equipment in industrial activities like mining and manufacturing.
However,
India's fuel demand could ease in March as the number of people in the country
testing positive for the coronavirus is rising and the government has issued
travel advisories, leading to the cancellation of air tickets and hotels.
Global oil prices today
jumped almost 4%, reversing earlier losses sparked by the Saudi-Russia price
war and fears about the economic impact of the coronavirus pandemic. Brent
crude rose 3.7% to more than $34 a barrel.
However,
oil prices have plummeted this month after top producer Saudi Arabia slashed
its selling prices amid a price war with Russia and pledged to unleash more
supply onto a market already reeling from falling demand due to the virus. (With Agency Inputs)
Credit: LiveMint
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