While the fuel price in India surged sharply after the Saudi Arabia's oil processing facility, the downward trend in price is now seen as the global crude price has dropped. For the third-straight day, price of auto fuel has remained unchanged.
Petrol in Delhi is available for Rs. 73.27 per litre while diesel is priced at Rs. 66.41. Petrol and diesel in Mumbai is priced at Rs. 73.27 and Rs. 66.41 respectively. In Chennai, price of petrol and diesel is Rs. 76.09 and Rs. 70.15 per litre.
Since mid June 2017, in line with global pricing, fuel rates are revised on a daily basis following the dynamic model with a lag of a fortnight. In the global markets, oil prices cooled off as there was reported a higher than expected US inventory. Global benchmark Brent crude oil futures was down by 47 cents, or 0.8%, at $58.95 a barrel by 0330 GMT. Yesterday, Brent crude, had increased by 1.16%.
But even as the price has seen a sharp decline in rates internationally, price of India is still higher than the price in mid-September by over Rs. 1.
Also, there have been reports that demand of fuel has dropped to 2-year low in the month of September. Further, as the US dollar and rupee exchange rate also determine the price of fuel, it has remained steady for now with rupee trading in a range.