Petrol and diesel prices were reduced by 14-15 paise per litre across Delhi, Kolkata, Mumbai and Chennai on Monday. While petrol prices were cut for the sixth day in a row, diesel prices were lowered for five days in six. In six days, petrol prices have been lowered by 47 paise per litre in Delhi and Mumbai, 46 paise per litre in Kolkata and 49 paise per litre in Chennai, data from Indian Oil Corporation shows. Diesel prices have come down by 34 paise per litre in Delhi and Kolkata, and 36 paise per litre in Mumbai and Chennai.
Here are five things to know about petrol and diesel prices today:
1. With effect from 6 am on Monday, June 4, petrol prices were at Rs. 77.96 per litre in Delhi, Rs. 80.6 per litre in Kolkata, Rs. 85.77 per litre in Mumbai and Rs. 80.94 per litre in Chennai, according to Indian Oil Corporation, the country’s largest fuel retailer. Diesel prices were at Rs. 68.97 per litre, Rs. 71.52 per litre, Rs. 73.43 per litre and Rs. 72.82 per litre respectively.
|Petrol price (in Rs. per litre)||Diesel price (in Rs. per litre)|
2. In Delhi, the price of petrol came below Rs. 78 per litre, and that of diesel below Rs. 69, after a gap of more than a week. Prices vary from state-to-state depending on local sales tax or VAT. Delhi has the cheapest prices among all metros.
|State capital||Petrol price on June 4 in Rs. per litre||Diesel price on June 4 in Rs. per litre|
3. Currently, petrol and diesel prices are deregulated in India. The fuel prices are revised at fuel stations with effect from 6 am every day, determined broadly by global crude oil and rupee-dollar forex rates.
4. After touching a multi-year high around $80 per barrel last month, global crude oil prices are currently hovering around $76 per barrel. The rupee has also made some recovery against the US dollar. It had sunk to an 18-month low against US dollar last month.
5. India meets more than 80 per cent of its oil requirement through imports. That makes crude oil the most expensive item on the country’s import bill. Weakness in the rupee against the US dollar also puts pressure on domestic petrol and diesel prices. The rupee is down more than 4 per cent against the greenback so far this year.
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