Diesel price cut for 13th day in row; Delhi rates under Rs 68, Chennai, Mumbai see most cuts

The state-owned Oil Companies reduced prices of diesel at much lower rates compared to petrol prices in India today. Diesel saw a cut being announced for the 13th consecutive day today. Prices were brought down in the range of 15 paise to 16 paise per litre in various state capitals of India - especially, Chennai and Mumbai saw most relaxation in their rates. The reduction in diesel rates was in line with international crude oil which eased down today  as speculators reduced their positions amid a weakening trend in Asian markets. With many state elections coming in the late 2018s, it has become very important for the NDA government to bring in relief for fuel products prices which were at record high last month. Moreover, petrol prices were cut in the range of 19 paise to 21 paise in these metro cities. 

For the Indian government, fuel is a major generator of revenue and that is why authorities have been reluctant to provide relief.

Today, diesel price in New Delhi was down to Rs 67.95 per litre, after a cut in rates by 15 paise, compared to previous day's price of Rs 68.10 per litre.

Similarly, diesel price in Kolkata was ruling at Rs 70.50 per litre today, which was down 15 paise against previous day's price of Rs 70.65 per litre. This city has clocked over Rs 72 per litre rate after Mumbai and Chennai respectively.

India's financial hub Mumbai saw a cut of 16 paise in diesel price and is now selling at new price of Rs 72.35 per litre as against Rs 72.51 per litre of previous day.

In Chennai, the price was also below 16 paise and available at Rs 71.73 per litre on today, compared to previous price of Rs 71.89 per litre.

Meanwhile, 1 litre diesel in other cities stood at Rs 69.12 in Bangalore, Rs 71.52 in Bhopal, Rs  72.84 in Bhubaneswar, Rs 65.98 in Chandigarh, Rs 68.28 in Dehradun, Rs 73.86 in Hyderabad, Rs 72.37 in Jaipur, Rs 68.10 in Lucknow, Rs  72.63 in Patna, Rs 73.36 in Raipur and Rs 71.33 in Srinagar.

According to PTI report, Oil for July delivery also moved down Rs 20, or 0.45 per cent, to Rs 4,436 per barrel in 5 lots.

Moreover, on Monday, West Texas Intermediate (WTI) crude was trading down 12 cents, or 0.02 per cent, to USD 65.62, while Brent crude eased 9 cents, or 0.1 per cent, to USD 76.37 a barrel on the New York Mercantile Exchange.