Fuel prices today: No change in petrol, diesel cost after Christmas; check rates in major cities

After the continuous drop in fuel prices for last five days, OMCs kept petrol and diesel cost unchanged on Wednesday, after Christmas. Despite that, the fuel prices are now at lowest since March this year. The constant fall in international crude oil prices and appreciation in rupee have played major role in it. 

According to the data on Indian oil website, the current price of petrol and diesel in Delhi are Rs 69.79 and Rs 63.83 per litre, respectively, unchanged from that of Tuesday. Business capital Mumbai is selling petrol at Rs 75.41 and diesel at Rs 66.79 per litre. In Chennai, petrol and diesel are sold at Rs 72.42 and Rs 67.38 per litre, respectively. 

In Kolkata, Petrol is retailing at Rs 71.89 per litre while diesel is available at Rs 65.59 per litre. In NCR, Noida and Gurugram are selling petrol at Rs 69.79 and 70.82 per litre, respectively. Diesel is selling at Rs 63.27 and 63.89 per litre in these cities.  

There is a huge sigh of relief for the commuters as the petrol touched all time high in October this year. Petrol was selling over the price bracket of Rs 90 per litre in Mumbai which is down by almost 17 per cent now.

The cuts in excise duty this year by the government to lower the higher prices of fuel will likely to book a revenue loss of Rs 7000 crore in the coming quarter. The weak global markets, negative economic numbers and over supply of crude are lowering the international prices of crude oil. 

As India imports 80 per cent of crude required, the falling fuel prices is positive for the economy. Crude oil hit $50 mark per barrel on Monday, lowest since October this year when it was sailing over $85 levels per barrel.

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— Zee Business (@ZeeBusiness) December 26, 2018

Crude is already trading at its lowest levels since July 2017 and will likely to witness more cuts in the future due to rupee appreciation.

As per the country`s dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.