Petrol, diesel prices down in India despite global crude touching 2-week high

While global crude oil hovered near two-weeks high on Friday, prices of petrol and diesel in India continued downward trend in the range of 8 paisa to 10 paisa per litre.  
 
If compared with previous day's price, petrol prices for February 23 in New Delhi, Kolkata and Mumbai, it stood at Rs 71.61 per litre, Rs 74.36  per litre and Rs 79.49 per litre, respectively, seeing 9 paisa decline for the day. 
 
In Chennai, petrol was down by 10 paise per litre and was made available at Rs 74.25 per litre.
 
Petrol prices for February 22, in New Delhi was at Rs 71.70 per litre, in Kolkata at Rs 74.45  per litre, in Mumbai at Rs 79.58 per litre, and in Chennai at Rs 74.35 per litre. 

Similar was the case with diesel prices in India. 
 
On Friday, diesel declined by 8 paisa each in New Delhi, and Kolkata to Rs 62.21 per litre, and Rs 64.9 per litre respectively. 
 
Whereas in Mumbai and Chennai, this fuel product saw a fall of 9 paisa each and was available at Rs 66.25 per litre and Rs 65.28 per litre
 
Diesel on February 21, was valued at Rs 62.29 per litre in New Delhi, Rs 66.98 per litre in Kolkata, Rs 66.34 per litre in Mumbai and Rs 65.67 per litre in Chennai. 

State-owned oil marketing companies (OMCs) like IOCL, Bharat Petroleum Corp Limited (BPCL) and Hindustan Petroleum Corp Limited (HPCL) have started to bring petrol and diesel prices from February 8. 
 
Meantime, oil prices hovered near two-week highs, supported by lower US crude inventories, but gains were capped by a surge in US exports, as per Reuters report.
 
US crude added 6 cents to $62.83 per barrel and Brent eased 1 cent to $66.38. Spot gold ticked lower to $1329.01 an ounce.
 
Currently, petrol and diesel price revision in various cities are determined by global crude rates, rupee-dollar exchange rate along with excise duty and VAT levied by the ministry and the state government. 
 
Last year, India gave up on petrol, diesel subsidy and linked prices to the international markets in hope that consumers will benefit as crude oil prices are trading at a third of their lifetime highs. 
 
Zeebiz brings you daily updates on petrol and diesel prices. You can now compare previous day and present day's price change in petrol and diesel prices here.