Petrol prices hit 2018 lows, Diesel rates at lowest since March

Mangalore Today News Network

New Delhi, Dec 25, 2018 : Petrol prices were at the year 2018’s lowest levels in Delhi, Kolkata, Mumbai and Chennai, while diesel prices were at their lowest since March. Petrol prices were reduced by seven paise per litre in the four metros on Tuesday, while diesel prices were kept unchanged compared to the fuel rates on Monday, according to state-run Indian Oil Corporation’s website, iocl.com. Currently, petrol and diesel prices are reviewed by state-run oil marketing companies every day, based on crude oil and rupee-dollar exchange rates. Any revisions in petrol and diesel prices are implemented at the fuel stations with effect from 6 am, reported NDTV.

 

 

With effect from 6 am on Tuesday, December 25, petrol prices stood at Rs. 69.79 per litre and Rs. 75.41 per litre in Delhi and Mumbai respectively. Diesel prices in the metros were at Rs. 63.83 per litre and Rs. 66.79 per litre respectively, according to Indian Oil Corporation.
    
Petrol prices were at Rs. 71.89 per litre in Kolkata and Rs. 72.41 per litre in Chennai. Diesel prices were at Rs. 65.59 per litre and Rs. 67.38 per litre respectively, according to Indian Oil, the country’s largest fuel retailer.

While petrol prices in the four metros are at their lowest levels recorded so far this year, diesel rates are at their lowest levels since March (18-28), data from the Indian Oil website showed.

The decline in domestic fuel prices comes amid the recent fall in global crude oil prices.

Global crude oil prices plunged more than 6 per cent to the lowest level in more than a year on Monday, pulling back sharply late in the session as fears of an economic slowdown rattled the market. Benchmark Brent hit its lowest level since 2017 during the session, putting it on track for a loss of about 40 per cent in the October-December quarter.

Domestic stock markets closed at a two-week low on Monday, as political uncertainties in the US and concerns on global economic growth dampened sentiment. The Sensex fell 271 points to end at 35,470, and the Nifty shed 90 points to 10,663, with the benchmark indices registering their lowest closing levels since December 11.

The rupee closed marginally higher against the dollar at 70.14 on Monday. The rupee is down 9.8 per cent against the dollar so far this year.

Equity, money and commodity futures markets in the country remained closed on Tuesday on account of Christmas.