On December 31, prices of petrol touched their lowest level of 2018, while diesel prices reached their lowest since March-end. Currently, petrol prices are at its lowest level in over a year and diesel prices have touched a nine-month low.
Petrol price today: After consecutive cuts, oil marketing companies (OMCs) raised petrol and diesel prices on Monday for the first time since December 17, 2018, on the back of a recent increase in global crude oil prices. While petrol prices have been raised in the range of 21-22 paise across major cities, diesel prices have been increased by 8 paise. With the latest revision, petrol and diesel in Mumbai are retailing at Rs 74.16 per litre and Rs 65.12 per litre, respectively.
In the national capital New Delhi, a litre of petrol is being sold at Rs 68.50 per litre, an increase of 21 paise per litre, from yesterday’s price, and a litre of diesel is retailing at Rs 62.24 per litre, according to data available with the Indian Oil Corp website. On December 31, prices of petrol touched their lowest level of 2018, while diesel prices reached their lowest since March-end. Currently, petrol prices are at its lowest level in over a year and diesel prices have touched a nine-month low.
Fuel prices witnessed further reduction on Sunday. While petrol price remained unchanged in major cities, diesel became cheaper by 10 paise. As per the country’s dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.
Meanwhile, the state government of Karnataka has raised the state tax on petrol and diesel by 2% with effect from January 1. “As the fuel prices declined after fall in crude oil rates in the overseas market since November, the state tax has been revised 2% to 32% on petrol and to 21% on diesel since January 1, 2019,” the statement said.
Crude oil price
Crude oil prices rose about 1% on Monday, on account of optimism that talks could soon resolve the trade war between China and the US, while supply cuts by major producers also supported the market, Reuters reported. Brent crude futures were at $57.77 per barrel at 0227 GMT, up 71 cents, or 1.2%, from their last close.