Fuel prices today: Petrol, diesel prices unchanged; check rates in Delhi, Mumbai, other cities

Oil marketing companies (OMCs) kept the fuel prices same on Wednesday. Petrol and diesel are selling at Rs 68.65 and 62.66 per litre, respectively in Delhi. While in Mumbai, petrol, and diesel sold at Rs 74.30 and 65.56 per litre respectively, on Wednesday. In the NCR, Petrol is available at Rs 69.93 and diesel is retailing at Rs 62.89 per litre in Gurugram. In Noida, petrol and diesel sold at Rs 68.90 and Rs 62.28 per litre, respectively. 

In Kolkata, the price for petrol is Rs 70.78 per lire and for diesel, its Rs 64.42 per litre. In Chennai, the petrol is retailing at Rs 71.22 , while diesel is selling at Rs 66.14 per litre. Crude oil witnessed a drop as, Brent crude future fell 0.3 percent to $53.65 per barrel on the previous close. The constant downward trend in the crude prices is due to an increase in oil output in the US.  

The government slashed the central and state taxes in 2018, as the petrol and diesel were selling at record high. Crude was hovering over $85 per barrel and has witnessed a correction of over 40 per cent since then. 

Oversupply of crude oil, possible US economic slowdown in 2019 are the major reasons responsible for consistent correction in prices of crude. Stability in the rupee, since a month and consistent fall in crude is positive for the Indian economy.

As India imports 80 per cent of its oil requirements, any drop in prices brings a fiscal relief to the government. 

The coming weeks are likely to witness more rate cuts in the fuel prices according to experts. 

Therefore, the year 2019 is all set bring cheers to the commuters as further fuel prices is expected amid strengthening rupee and the rising local stock market.