:: Technical --- ID :: 16997
Petrol, diesel prices fall on Sunday after three-day’s of rise
Petrol, diesel prices fall on Sunday after three-day’s of rise

Petrol, diesel prices fall on Sunday after three-day’s of rise

Finally there is some relief for consumers! Petrol, diesel prices fell on Sunday (Jan 12, 2020) after three straight days of rise. Today petrol became cheaper by 10-12 paise per litre while diesel prices came down by 6-7 paise per litre in major cities of the country. In the national capital Delhi, petrol prices fell to Rs 75.90 (11 paise decrease) a litre as against Rs 76.01 on Saturday while diesel price came down to Rs 69.11 per litre as compared to Rs 69.17 a litre on Saturday, as per data from Indian Oil Corporation website.

Worth mentioning here is that the pump prices of fuel are the cheapest Delhi among all metros and most state capitals due to lower taxes. So far this month, the petrol price went up by 63 paise per litre while diesel rates have gone up by Rs 1.01 in the national capital.

Citizens in Mumbai have to shell out Rs 81.49 for a litre of petrol after 11 paise decrease over Saturdays rate. A litre of diesel costs Rs 72.47, 7 paise lower than Saturday's price of Rs 72.54 a litre. In Chennai, the retail price of petrol was decreased by 12 paise to Rs 78.86 a litre, from Rs 78.98 recorded on Saturday. Diesel costs Rs 73.04 a litre, 6 paise less than Saturday’s price.

Similarly, in Kolkata, petrol is retailing at Rs 78.48 a litre, 11 paise decrease from yesterday’s rate of Rs 78.59 while diesel price fell to Rs 71.48 a litre, 6 paise less than yesterday’s price of Rs 71.54 a litre. In Gurugram, petrol is retailing at Rs 75.16 a litre, decrease by 8 paise from Rs 75.24 a litre on Saturday. Diesel price in Gurugram came down from Rs 67.98 a litre on Saturday to Rs 67.93 on Sunday. The price of petrol in Noida came down by 9 paise to Rs 76.95 a litre while diesel was selling at Rs 69.39 a litre as against Rs 69.45 a litre yesterday.

As per the daily pricing mechanism, the retail prices of fuel are dependent on the global crude prices and the rupee-US dollar exchange rate as India imports 80 per cent of its crude requirements. On Friday, the Indian rupee rose by 27 paise to close at 70.94 against the US dollar as investors supported easing tensions between in West Asia. However, earlier this week, Petroleum Minister Dharmendra Pradhan said that the government was on track to meet the target of cutting India's oil import dependence by 10 per cent by 2020.

On Friday, in the international oil market, Brent crude prices fell amid ebbing worries over the US-Iran tensions in West Asia and investors changed their focus to economic growth projections and demand for crude. International benchmark Brent Crude oil futures closed 0.60% lower at USD 64.98 per barrel. West Texas Intermediate (WTI) crude futures dipped by 52 cents or 0.87 per cent, to USD 59.04 per barrel.

Petrol, diesel prices are expected to come down further in the coming days as both crude oil and rupee-dollar exchange rate have come down in the last two trading sessions.

(Source: TIMES NOW 13-01-2020)