Biggest drop in petrol prices on 10th day; OMCs cut rates by 22p

Petrol prices were slashed for the tenth straight day on Friday, while diesel prices for the ninth day in a row. In the last ten days, the petrol and diesel prices have been cut by Rs 1 each.  

On Friday, the oil marketing companies such as IOC, BPCL and HPCL slashed prices of petrol and diesel by 21-22 paise per litre and 15-16 paise per litre respectively in Delhi, Kolkata, Mumbai and Chennai, compared with the previous day’s rates. This is the biggest drop in petrol and diesel prices in the last ten days. 

In New Delhi, IOC cut petrol prices by 21 paise to Rs 77.42 per litre, and diesel rates by 15 paise to Rs 68.58 per litre.

Below are the latest rates for other major metros:

In Mumbai petrol price cut to Rs 85.24/ litre, diesel to Rs 73.02/ litre

In Chennai petrol price cut to Rs 80.37/ litre, diesel to Rs 72.40/ litre

In Kolkata petrol price cut to Rs 85.24/ litre, diesel to Rs 71.13/ litre

Fuel prices had risen exorbitantly, touching record highs after OMCs got on with revising petrol and diesel prices on a daily basis following 19-day halt in price revision on account of Karnataka polls. The prices were raised on the back of rising global crude oil prices and back home, high central and state government levies on petrol and diesel. Customers, in fact, pay up to 100 per cent tax on petrol and diesel. 

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OMCs currently review the prices on a daily basis, tracking international benchmark Brent crude oil prices and rupee-dollar forex rates, among other factors.

Overseas, oil prices fell on Friday, reversing early gains as signs of weakening demand in China and surging US output weighed on markets despite support from supply woes in Venezuela and OPEC’s production cuts.

Brent crude futures were at $76.79 per barrel at 0654 GMT, down 53 cents, or 0.7 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were down 38 cents, or 0.6 per cent, at $65.57 a barrel.