Petrol Diesel Price Cut Latest News: Will fuel rates be slashed by Rs 5 per litre? Sanjiv Bhasin makes BIG prediction

Petrol Diesel Price Cut Latest News: It was in May when prices of petrol and diesel were last revised.

Petrol Diesel Price Cut Latest News: Oil marketing companies revised the rates daily. (Reuters image)

Petrol Diesel Price Cut Latest News: The hope of a possible price cut in petrol and diesel prices are running high with crude oil prices in the international market hitting multiple-month low. Notably, crude oil prices have remained $90 per barrel for the past few weeks. In November, crude oil prices declined almost 7 per cent.

IIFL Securities director and veteran market expert Sanjiv Bhasin on Friday predicted that petrol and diesel rates could be slashed by at least Rs 5 on Monday.

"On Monday you could see at least Rs 5 cut in petrol and diesel prices because of a fall in crude," he said.

Even as crude oil prices in the global market have slipped below $90, petrol and diesel prices in India have remained unchanged.

Oil marketing companies revised the rates daily. It was in May when prices of petrol and diesel were last revised. The government then reduced the excise duty on petrol by Rs 8 per litre and on diesel by Rs 6 per litre.

It is worth mentioning that India is dependent on imports to meet nearly 85 percent of its oil needs and so benchmarks local fuel rates to international oil prices.

Petrol, Diesel latest prices

The retail prices for petrol and diesel in Delhi are Rs 96.72 and Rs 89.62 per litre, respectively.

In Mumbai, a litre of petrol is sold at Rs 106.31 and a litre of diesel costs Rs 94.27.

A litre of petrol costs Rs 102.63 in Chennai, and a litre of diesel costs Rs 94.24.

In Kolkata, the price of petrol is Rs. 106.03 and that of diesel is Rs. 92.76 a litre.

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