Fuel prices in several states across India continued to drop on Saturday ahead of Diwali. After today’s price revision, while petrol became 8-10 paise cheaper, diesel prices came down by 5-7 paise in all major cities.
In Delhi, petrol price on Saturday dropped below Rs 73 mark and it was retailing at Rs 72.98 per litre. Diesel price in the National capital also dropped below Rs 66 mark and it was being at Rs 65.96 per litre.
In Mumbai, petrol price came down 8 paise to Rs 78.60 per litre. Diesel in the economic capital was retailing 5 paise cheaper at Rs 69.12 per litre. In Noida, petrol became cheaper by 6 paise and was retailing at Rs 74.66. Diesel in the city was priced at Rs 66.21 per litre on Saturday.
In Kolkata and Chennai, petrol was retailing at Rs 75.63 and Rs 74.79 respectively compared to Rs 75.71 and Rs 75.87 on Friday. Diesel in both cities was priced 5-6 paise lower compared to Friday at Rs 68.31 and Rs 69.65 respectively.
In Gurugram, petrol became 7 paise cheaper today and was retailing at Rs 72.86 per litre. Diesel price in the city went down by 9 paise and it was selling at Rs 65.23 per litre. In Bengaluru, petrol today was priced at 75.41, while diesel was selling at Rs 68.14 per litre.
The pump prices of fuel are the cheapest Delhi among all metros and most state capitals due to lower taxes. As per the country’s daily pricing mechanism, the pump prices of petrol and diesel in India are dependent on the global crude prices and the rupee-US dollar exchange rate. The rupee appreciated by 12 paise to settle at 70.90 against the US dollar on Friday on the back of firm domestic equities and easing crude oil prices.
It is worth mentioning that crude oil prices rose on Friday, registering the strongest weekly gains in over a month as support from optimism over a U.S.-China trade deal, falling U.S. crude stocks and possible action from OPEC to extend output cuts outweighed broader economic concerns.
Brent crude on Friday ended 35 cents, or 0.6%, higher at $62.02 a barrel, logging a weekly gain of more than 4%, its best since September 20.