:: Technical --- ID :: 16227
Petrol, diesel prices drop again on Friday
Petrol, diesel prices drop again on Friday

Petrol, diesel prices drop again on Friday

The retail prices of petrol were slashed by 12-14 paise across four metro cities on Friday (June 7). Diesel prices, on the other hand, were reduced by 32-34 paise. Petrol prices were cut in New Delhi by 13 paise to Rs 70.94 a litre on Friday as against Rs 71.07 on Thursday. Diesel in the national capital became cheaper by 32 paise to Rs 64.90 as compared with Rs 65.22 yesterday’s price. It is worth noting that state-controlled oil marketing companies on Thursday lowered the pump prices of petrol by 15-17 paise per litre while diesel became cheaper by 34-37 paise per litre.

In Kolkata, the retail prices of petrol and diesel are Rs 73.19 (12 paise less) a litre and Rs 66.82 (32 paise decrease) a litre respectively, according to data available on Indian Oil Corporation website. Similarly, in Mumbai, petrol is sold at Rs 76.63 a litre, down 13 paise compared with yesterday’s price of Rs 76.76 a litre, and diesel is sold at Rs 68.06, down 33 paise from Rs 68.39 a litre on Thursday.

Citizens in Chennai have to pay Rs 73.70 for a litre of petrol while diesel retailed at Rs 69 per litre, 34 paise less than yesterday’s price. In Noida, petrol is retailing at Rs 70.73 a litre, decrease by 10 paise from Rs 70.83 a litre on Thursday. Worth mentioning here is that the fuel prices in Delhi are the cheapest among all metros and most state capitals due to lower taxes. Domestic petrol and diesel prices have largely been on a downward movement since May 29. 

As per the country’s daily dynamic pricing mechanism, the retail selling price of petrol and diesel is dependent on the global prices of benchmark fuel and the rupee-US dollar exchange rate as India imports 80 per cent of its crude requirements.

On Friday, in the international oil market, crude prices went up by nearly 1 per cent amid reports that the Donald Trump administration could delay trade tariffs on Mexico and signs OPEC and other producers likely to extend crude supply reductions. International Brent crude oil futures were trading at USD 62.17 per barrel, up 50 cents, or 0.8 per cent, from their last close.

(Source: TIMES NOW 08-06-19)