The state-run oil companies have cut the fuel prices for the fifth consecutive day across major cities on Monday. While the petrol prices declined by 17-20 paise per litre, diesel prices decreased by 38-40 paise per litre across Delhi, Mumbai, Kolkata and Chennai. In Delhi, petrol and diesel are selling at Rs 71.30 and Rs 65.76 respectively. Yesterday, while petrol was selling at Rs 71.50 per litre, diesel was selling at Rs 66.16 per litre.
In Kolkata, petrol and diesel are selling at Rs 73.54 a litre and Rs 67.68 a litre respectively, according to Indian Oil Corporation website. In Chennai, petrol is being sold at Rs 74.08 a litre, 19 paise less than yesterday’s price, whereas for diesel people need to shell out 40 paise less for one litre of diesel, as it is selling at Rs 69.58 per litre.
In Mumbai, while petrol is costing Rs 76.98 a litre, diesel is retailing at Rs 68.97 per litre. Diesel and petrol prices have been slashed by 69.37 paise and 77.16 paise respectively.
India imports 80 per cent of its oil requirements and it is the third largest importer of Iranian oil. The crude oil prices eased on Monday amid US-China trade tensions and geopolitical tensions between the US and Iran. The international benchmark for oil was last seen at $61.08 a barrel, 91 cents lower than the previous close, while the US WTI was at $52.89 a barrel, down 61 cents from the last settlement.
Crude oil is likely to trade in the range of Rs 3620-4050 per barrel on Monday. Crude oil dropped after US President Donald Trump stoked global trade tensions by threatening tariffs on Mexico. The US crude oil stockpiles fell less than expected last week, while gasoline stocks posted a hefty surprise build. Crude inventories fell 282,000 barrels in the week to May 24, compared with expectations for a decrease of 857,000 barrels, according to Kedia Advisory.