Petrol, diesel prices fall for second consecutive day

On Monday, some relief for consumers as fuel prices fell after a rise for three consecutive days. The price of petrol fell by 10 paise a litre while that of diesel by 5 paise per litre in all major cities across the country.

So now, a litre of diesel costs Rs 72.42 in Mumbai, and Rs 69.06 in Delhi, while a litre of petrol is priced at Rs 81.39 in Mumbai, and Rs 75.80 in Delhi. Retail prices of the two automobile fuels are revised daily. Petroleum companies revise petrol and diesel prices on the basis of crude prices in the international market. Hence the prices vary according to the company.

The decrease in prices came after Brent crude prices fell after de-escalation of tensions between the US and Iran in the Middle East. The retail prices of fuel are dependent on the global crude prices and the rupee-US dollar exchange rate as India imports 80 per cent of its crude requirements.

On the Multi Commodity Exchange, crude oil for January delivery traded lower by Rs 7, or 0.17 per cent, at Rs 4,230 per barrel in 23,488 lots. Crude oil for February delivery was down Rs 9, or 0.21 per cent, at Rs 4,234 per barrel with an open interest of 820 lots.

Globally, the West Texas Intermediate (WTI) was trading lower by 0.18 per cent at USD 59.45 per barrel. Meanwhile, Brent crude, the international benchmark, edged lower by 0.12 per cent to USD 65.29 per barrel in New York.

(With inputs from Agencies)

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