Fuel prices since mid October have been seen dropping in price and have almost lost all the gains since Mid-August given the steep cut in crude oil price due to the US output etc.
In Mumbai alone, in a month's time, price of petrol and diesel have dropped by Rs 7.19 per litre and diesel by Rs 5.44 due to weakening in international oil rates.
The dynamic pricing model is basing price of fuel in domestic markets on the international benchmark rates plus the rupee dollar exchange rate.
In NCR region, petrol and diesel prices at Rs 75.57 per litre and Rs 70.56 per litre, respectively.
According to the Indian Oil Corp data, petrol prices in Kolkata, Mumbai and Chennai were at Rs 77.53 per litre, Rs 81.10 per litre and Rs 78.46 per litre, respectively, while diesel stood at Rs 72.41 a litre in Kolkata, Rs 74.91 in Mumbai and Rs 74.55 a litre in Chennai.
Also, due to a heavier tax implication on diesel, at some of the places in India, diesel now sells at a higher rate than petrol.