As the global crude oil price has declined to levels as much as $75 per barrel with easing in output volume by major oil producing nations, there has come in a sigh of relief for Indian fuel oil consumers after 16 straight days of hike. During this time, there has been a hike of between Rs.3-4 in the price of petrol and diesel on a per litre basis. This is tremendous considering the two commodities as essential which has never witnessed such an hike before.
So,with today's cut, the price have bottomed to new highs and is petrol is priced today at Rs. 77.83 per litre in Delhi, Rs. 80.47 per litre in Kolkata, Rs. 85.65 per litre in Mumbai and Rs. 80.8 per litre in Chennai. Check petrol and diesel rates in your city.
The continuous price surge in the essential fuel burning a hole in the pocket of fuel consumers was mainly driven by crude oil price rocketing and rupee depreciation which has been currently seeing stabilizing.
And in the Indian context, OMCs price fuel tracking crude oil on a daily basis since last June which has now softened a bit. It is to be noted that fuel prices in India share a connection with Arab Gulf diesel and Singapore gasoline prices and these track the underlying crude oil prices.