Fuel price relief continues in the major metros, with rates being cut by over Rs 10 in the last 45 days in Chennai, Kolkata. Petrol prices have been reduced to Rs 78.05 in Mumbai, a cut of 34 paise from yesterday’s prices, taking the overall relief in to Rs 9.99 since record high levels of October 17th. Similarly, in case of national capital Delhi, one litre of petrol is now retailing at Rs 72.53, down by Rs 10.30 since October 17.
In case of Kolkata, oil marketing firms have cut the petrol price to Rs 72.55, cut from Rs 84.65 on October 17th, taking the overall cut to Rs 10.10. In Chennai, one litre of petrol can be bought for Rs 75.26, a decline of Rs 10.84 since October 17. Fuel prices have been on a decline in the last 45 days on the back of easing global crude oil prices.
Meanwhile, oil prices edged lower yesterday due to concerns of oversupply and a strong dollar but losses were limited by expectations that the Organization of the Petroleum Exporting Countries (OPEC) and Russia would agree some form of production cut next week, Reuters reported. The drop in oil prices could mean that the commodity is on course to finish their worst month since 2008, as fears of oversupply and slowing demand growth dragged oil down into a bear market in November with prices off by some 30 percent from four-year highs in early October.
Checking latest rates in your city
To get the latest indicative petrol and diesel prices in any city, a customer can log into the IOCL app on mobile. Or, a customer can SMS “RSP Dealer Code of Petrol Pump” to 92249 92249.