No change in fuel prices: Petrol and diesel at lowest; check latest rates

Fuel prices remained unchanged for second consecutive day after six day straight slashes. In the national capital Delhi, petrol is retailing at Rs 68.65 and diesel is selling at Rs 62.66. The petrol is at the lowest prices since March, 2018. Among the other two cities of the NCR region, in Gurugram  petrol and diesel is priced at Rs 69.93 and  Rs 62.89, respectively and in Noida, petrol and diesel is retailing at Rs 68.90 and Rs 62.28, respectively.

In Chennai and Kolkata, petrol is sold at Rs 71.22 and Rs 70.78, respectively while diesel in these cities is sold at Rs 66.14 and Rs 64.42, respectively. In the business capital of the country, Mumbai, petrol is available at Rs 74.30, remained unchanged compared to Wednesday's price, while diesel is sold at Rs 65.56, unchanged from Wednesday's price.

Oil prices plunged in Asian markets on Thursday amid weak currency and stock markets, and as investors fear of economic slowdown for 2019 sustains, the gobal sentiments are also weak. Oversupply of crude oil globally is also a major reason of constant fall in crude oil prices.

However, central and state governments cut taxes on oil in the year 2018, when petrol and diesel were hovering at all time highs. Brent was over $85 per barrel in October 2018. Since then, there is a major 40 per cent correction in the crude prices.

International Brent crude futures were down 36 cents, or 0.7 percent, at $54.55 per barrel on Wednesday. The Indian rupee opened weak on Thursday and was trading at 70.38 against the US dollar. It may be noted that retail fuel prices depend on 15 day average of both international crude price and rupee-dollar exchange rate.

As the fuel prices have corrected over 18 per cent since June 2018, the commuters will continue to have a relief on their pockets.