New Delhi: On Thursday (May 2), following the daily revision in retail fuel prices, petrol and diesel prices fell across four metro cities in the country. Petrol prices in all the metro cities lowered by 6-7 paise per litre while diesel became cheaper by 5-6 paise. Petrol rates were slashed in New Delhi by 6 paise to Rs 73.07 a litre on Thursday as against Rs 73.13 on Wednesday. Diesel in the national capital became cheaper by 5 paise to Rs 66.66 as compared with Rs 66.71 yesterday’s price. Worth mentioning here is that state-run oil marketing companies kept the retail petrol and diesel prices stagnant across major cities of the country on Wednesday. Thanks to lower taxes, the retail fuel prices in Delhi are the cheapest among all metros and most state capitals.
In major metro cities across the mention, in Kolkata, the retail prices of petrol and diesel are Rs 75.08 a litre and Rs 68.39 a litre respectively, according to data available on Indian Oil Corporation website. Similarly, in Mumbai, petrol is sold at Rs 78.64 a litre, down 6 paise compared with yesterday’s price of Rs 78.70 a litre, and diesel is sold at Rs 69.77, down 6 paise from Rs 69.83 a litre on Wednesday. Citizens in Chennai have to shell out Rs 75.84 for a litre of petrol while diesel retailed at Rs 70.39 per litre. In Noida, petrol is retailing at Rs 72.37 a litre, decrease by 4 paise from Rs 72.41 a litre on Wednesday. The price of petrol in Gurugram fell by 6 paise to Rs 72.89 a litre on Thursday.
It may be noted that due to the daily dynamic pricing regime, retail fuel prices depend on global crude prices on a 15-day average, and the rupee-US dollar exchange rate as India imports 80 per cent of its crude requirements. On Thursday, in the international oil market, crude prices dropped amid record US crude production. However, oil markets outside the US remained worried as exemptions to US curbs on Iran expired. International Brent crude oil futures were trading at USD 71.91 per barrel, down 27 cents, or 0.4 per cent, from their last close.