After a gap of close to two months, fuel price surged on the anticipation that crude oil prices can again scale higher internationally due to OPEC decision to cut production beginning 2019. But after a marginal hike, in Wednesday's session, auto fuels have again remained static in price in the 4 metro cities. In the national capital New Delhi, petrol can be bought for Rs 70.63 per litre and diesel at Rs 64.54 per litre.
In Mumbai, petrol and diesel were being sold at Rs 76.25 per litre and 67.55 per litre, respectively. In Kolkata, petrol was sold at Rs 72.71 per litre and diesel at Rs 66.30 per litre. Petrol was retailing at Rs 73.29 per litre and diesel Rs 68.14 per litre in Chennai. There came in a point where diesel was selling at its lowest price this calendar year while petrol was selling cheaper than diesel.
Also with fall in crude oil price by as much as 30% since October, rupee's loss has also been capped and also there are other factors at play such as the likely assumption that the US might be done with its tightening measurers after its FOMC meet.