Petrol rates and diesel rates were on Monday (February 12) cut by 21-22 paise across Delhi, Kolkata, Mumbai and Chennai. Diesel rates came down by 28-30 paise per litre. With that, petrol rates and diesel rates were brought down for a fifth day in a row. Petrol rates were at Rs 73.01 per litre in Delhi, Rs 75.7 per litre in Kolkata, Rs 80.87 per litre in Mumbai and Rs 75.73 per litre in Chennai today (February 12), according to Indian Oil Corporation’s website – iocl.com. Diesel rates were at Rs 63.62 per litre in Delhi, Rs 66.29 per litre in Kolkata, Rs 67.75 per litre in Mumbai and Rs 67.09 per litre in Chennai, according to Indian Oil.
|Petrol (Rs per litre)|
|Diesel (Rs per litre)|
Since February 7, petrol rates have been lowered by a cumulative 37-39 paise per litre including Monday’s cut. Diesel rates have been cut by 60-64 paise per litre during this period. On February 7, the petrol rates and diesel rates were kept unchanged compared to the previous day. Petrol retailed at Rs 64.22 per litre in Delhi, Rs 66.89 per litre in Kolkata, Rs 68.39 per litre in Mumbai and Rs 67.73 per litre in Chennai.
In the current scheme of petrol and diesel price revision, the prices of the two fuels are determined broadly by the global crude oil rates and the rupee-dollar exchange rate. The recent turmoil in global financial markets has hit crude prices. Brent crude futures have slid over 10 per cent from this year’s peak in late January. Last week, Brent fell nearly 9 per cent, suffering its steepest weekly declines since January 2016.
The oil market has also been pressured by the weak stock market. Also, oil is inversely correlated with the dollar, which has strengthened as equities markets slid. Also keep global oil prices under pressure was rising US crude production, which investors fear will overwhelm efforts by OPEC and other producing nations to cut supply.
From February 8, the oil marketing companies have started cutting rates every day, reversing the rising trend seen in the recent past.
So far this year, petrol rates are up by Rs 3.04 per litre in Delhi, Rs 2.98 per litre in Kolkata, Rs 3 per litre in Mumbai and Rs 3.2 per litre in Chennai. Diesel rates have risen by Rs 3.98 per litre in Delhi, Rs 3.99 per litre in Kolkata, Rs 4.48 per litre in Mumbai and Rs 4.26 per litre in Chennai.
(With agency inputs)