Petrol price today: Oil marketing companies kept diesel and petrol prices unchanged for a second day on Thursday in four metro cities. Petrol price is retailing at Rs 70.63 per litre and diesel can be availed at Rs 64.54 a litre in the national capital New Delhi, according to data available with Indian Oil Corp website. In Mumbai, petrol is being sold at Rs 76.25 per litre and diesel at Rs 67.55 per litre.
Petrol prices in Kolkata and Chennai were at Rs 72.71 per litre and Rs 73.29 per litre, respectively, while diesel stood at Rs 66.30 a litre in Kolkata and Rs 68.14 a litre in Chennai, data showed. The OMCs raised the petrol prices by 9-10 paise per litre and 7-8 paise per litre on Monday in all four cities. Fuel prices in India depend upon international fuel prices on a 15-day average and the value of the rupee.
ALSO READ: Share market LIVE updates: Sensex, Nifty may open lower after Fed rate hike
On October 4, the prices of petrol touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai. On the same day, diesel also surged to a record high of Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai. From the highs of October 4, the petrol prices are down approximately Rs 13.5 a litre.
The slide in domestic fuel prices comes following a recent decline in global crude due to oversupply concerns. On Thursday, International benchmark Brent crude futures were down 66 cents, or 1.2 percent, at $56.58 per barrel, after climbing almost 2 percent the session before.
Meanwhile, the Federal Reserve raised its key interest rate on Wednesday for the fourth time this year to reflect the U.S. economy’s continued strength but signalled that it expects to slow its rate hikes next year. Asian shares retreated on Thursday after the U.S. Federal Reserve raised rates, as expected, and kept most of its guidance for additional hikes next year, dashing investor hopes for a more dovish policy outlook, Reuters reported. U.S. stocks declined sharply on Wednesday, with The Dow Industrials closing at their lowest level since November 2017.
