Fuel prices today: Petrol, Diesel fall again; check latest rates

Oil prices fell again on Friday, as OMCs slashed fuel rates further amid global decline in crude oil. Petrol price was reduced by 20 paise while Diesel witnessed a cut of 15 paise as the two commodities are now available at Rs 69.55 and Rs 63.62 a litre, in Delhi. Whereas, In Kolkata, petrol is selling at Rs 71.65 and diesel is sold for Rs 65.37 per litre. After Friday's revision, In Mumbai petrol is sold at Rs 75.18 and diesel is retailing at Rs 66.57 per litre in the city. In Chennai, petrol is sold for Rs 72.16 per litre,while diesel is selling at Rs 67.16 per litre. In Bengaluru, the rates are Rs 70.11 and Rs 63.97 per litre for the petrol and diesel respectively. 

In NCR, petrol is retailing at Rs 69.6 per litre in Noida and diesel is available for Rs 63.09 per litre in the city. In Gurugram, the petrol is selling at Rs 70.63 and diesel at Rs 63.21 per litre. 

This is the lowest price of petrol in the country, as It was selling at a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4 this year, when crude prices were hovering around $85 a barrel.

Since then, domestic oil prices are down by Rs 14 to Rs 16 a litre in top cities due to slump in global oil benchmark Brent crude from over a $85 mark a barrel to around $53 a barrel. The global growth and oversupply of crude are the major factors contributing tp drag fuel prices down.

In India, the retail price of petrol and diesel is calculated on 15 day moving average of crude oil price and rupee-dollar exchange, adding central and state level taxes.

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The crude price fall brings positive cues for India as the country imports more than 80 per cent of its crude oil requirement. It will also help lowering the current account deficit in the economy and will ease the inflation further, raising prospects for a repo rate slash from RBI.

However, 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. 

As the crude oil has already broken over 40 per cent this year, domestic fuel prices will likely to witness more cuts in the future due to rupee's appreciation and crude's oversupply concerns.