Unlike petrol, the state-owned Oil companies decided to maintain a status quo in diesel prices in India compared to previous day. OMCs, yesterday, trimmed diesel price by 9 paise per litre each in various state capitals of the country. Meanwhile today, petrol prices were trimmed between 9 paise to 10 paise per litre each in the same cities. OMCs have started to bring fuel prices down from May 29 onward after  string of aggressive hikes that took diesel prices to a record highs never witnessed. There was a time when diesel prices were stuck in the range of Rs 50 to Rs 60 per litre, but since the start of 2018, there is no stopping the rate hikes in this crucial product. Now, three top metro cities are charging over Rs 71 per litre, as in Mumbai and Chennai the rates are higher near Rs 73 per litre, while Kolkata is just marginally away from joining the club of Rs 72 per litre. 

COMMERCIAL BREAK
SCROLL TO CONTINUE READING

Today, diesel price in New Delhi was available at Rs 69.11 per litre. 

Similarly, diesel price in Kolkata was ruling at Rs 71.66 per litre today. 

India's financial hub Mumbai is now selling diesel at new price of Rs 73.58 per litre. 

Chennai which entered in the Rs 73 per litre club after Mumbai, as now seen its price at Rs 72.97 per litre. 

Moreover, international crude oil prices retreated on Friday after the dollar rose on better-than-expected U.S. employment data, which pressured greenback-denominated commodities, including crude.

Therefore, as per Reuters report, U.S. West Texas Intermediate (WTI) crude futures fell $1.23 a barrel to settle at $65.81 a barrel. For the week, WTI was on track to drop about 3%, adding to last week`s near 5% decline. Global benchmark Brent fell 77 cents to $76.79 a barrel. It was set for a 0.4% gain for the week.

From May 14 till today, diesel prices have risen by Rs 3.27 per litre each in New Delhi and Rs 3.12 per litre in Kolkata. Whereas, Mumbai and Chennai saw the most hikes - by as much as Rs 3.47 per litre and Rs 3.50 per litre respectively.