Fuel prices stretch the smiles over, tumbling by 22 paise, mark the lowest of 2018

The metro cities in the nation witnessed the fall in the prices of petrol and diesel in the last week of 2018, marking the decline to be lowest of all the falls of 2018 till date. Petrol prices on Sunday were cut by 22 paise per liter, whereas the diesel rates were cut by 23 paise to a nine month low.

Petrol prices had been falling since 18th of October and the diesel rates since March end, now are at the lowest level. Summing up the total fall of petrol prices since October, results in Rs 13.79 per liter and the fall in the diesel prices counts to Rs 12.06 per liter in two and a half months.

According to state-run Indian Oil Corporation’s data, after the downfall in the fuel prices, the prices of petrol (per liter) in the metro cities of Delhi, Mumbai, Chennai and Kolkata measure Rs 68.84, Rs 74.47, Rs 71.41 and Rs 70.96 respectively and that diesel measures Rs 62.86, Rs 65.76, Rs 66.35 and Rs 64.61 roundly.

Location Petrol rate (per liter) Diesel rate (per liter)

Petrol price had touched a record high of Rs. 84 per liter in Delhi and Rs. 91.34 in Mumbai on October 4. Diesel on that day had reached the height of Rs. 75.45 a liter in Delhi and Rs. 80.10 in Mumbai. But since the international oil prices have been falling and rupee has also appreciated, the fuel prices were positively affected, resulting in a decline in retail rates.

Globally, oil prices fell to their lowest in a year and a half earlier this week and are down more than 20 per cent for 2018, depressed in part by rising supply. There is a substantial difference citing the fuel prices amidst the countries. As a general rule, richer countries have higher prices while poorer countries and the countries that produce and export oil have significantly lower prices.

Industry sources said as per the assessment, the retail prices of petrol and diesel may reign easy in the next few days. India, a developing boundary, importing 80 of it’s fuel requirement, is bound to face such fluctuations amidst the flexible rupee evaluation against the US currency.