Petrol prices fall by 5 paise, diesel rate remains unchanged

On Friday, petrol price was decreased for the first time in a month, while diesel rate remained unchanged. State-run fuel retailers dropped the price of petrol by 5 paise a litre.

Retail prices of the two automobile fuels are revised daily, but vary across the country due to differences in levies imposed by states. In New Delhi, a litre of petrol is selling at Rs 74.86 while diesel was at Rs 65.78. In Mumbai, petrol is priced at Rs 80.51, diesel Rs 69. In Bengaluru, petrol is retailing at Rs 77.42 and diesel Rs 68.02.

Bharat Petroleum Corp Ltd and Hindustan Petroleum Corp Ltd, the other public sector fuel retailers, usually follow Indian Oil in fuel price revisions.

As per the country’s daily pricing mechanism, the retail prices of fuel in India 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 Thursday, the Indian rupee rose steeply to settle 24 paise higher at 71.29 to the US dollar after the central bank maintained accommodative stance in its monetary policy.

(Inputs from Agencies)

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