New Delhi: On Wednesday (May 1), State-controlled oil marketing companies kept the retail petrol and diesel prices static across major cities of the country. In national capital Delhi, petrol is being sold for Rs 73.13 per litre while diesel costs Rs 66.71 a litre, no change compared with yesterday’s price. On Tuesday, the retail prices of petrol and diesel went up by 5 paise across metro cities. Worth mentioning here is that the retail fuel prices in Delhi are the cheapest among all metros and most state capitals due to lower taxes.
In metro cities, in Chennai, citizens have to shell out Rs 75.90 for a litre of petrol while diesel costs Rs 70.44 per litre, as per data available with Indian Oil Corp website. Similarly, in Mumbai, petrol and diesel are selling for Rs 78.70 a litre and Rs 69.83 per litre, no change in rates against Tuesday’s prices. People in Kolkata have to pay Rs 75.15 for a litre of petrol while diesel retailed at Rs 68.45 per litre. In Noida also, petrol price remained unchanged at Rs 72.41and diesel price at Rs 65.74. In Gurugram, petrol, diesel prices remained unchanged at Rs 72.95 and Rs 65.85 respectively.
Here it is to be noted that as per the daily dynamic pricing regime, the price of fuel is dependent on the global crude prices and the rupee-US dollar exchange rate as India imports 80 per cent of its crude requirements. So far this year, Brent crude has soared about 33 per cent, and in April this year, Brent has peaked climbed 5.25 per cent. On Wednesday, in the international oil market, crude prices fell amid a report demonstrated an increase in available US crude inventories, but the market remained worried in the wake of a growing political crisis in Venezuela, tightening US curbs on Iran and OPEC supply cuts. International Brent crude futures were at trading USD 71.65 per barrel, down 41 cents, or 0.6 per cent, from their last close.