As global oil prices extended their fall, domestic petrol and diesel prices were slashed yet again by fuel retailers on Tuesday. According to Indian Oil Corporation (IOC), petrol prices across New Delhi, Kolkata, Mumbai and Chennai ranged between Rs. 76.23 and Rs. 83.68. Across the top four cities, diesel rates ranged between Rs. 67.79 and Rs. 71.97. In national capital Delhi, petrol and diesel prices were the cheapest while Mumbai’s petrol and diesel rates were the highest among the four metros.
These petrol and diesel rates came into effect from 6 am on Tuesday.
A litre of petrol was being sold in Delhi for Rs. 76.23, in Kolkata for Rs. 79.10, in Mumbai for Rs.83.68, and in Chennai for Rs. 79.20, according to IOC’s website, iocl.com. One litre of diesel was being sold in Delhi for Rs. 67.79, in Kolkata for Rs. 70.48, in Mumbai for Rs. 71.97, and in Chennai for Rs. 71.61.
As compared to Monday’s petrol prices, consumers got a relief of 7 paise in Delhi, 5 paise in Kolkata, 7 paise in Mumbai and 5 paise in Chennai. As compared to Monday’s diesel rates, customers got a relief of 10 paise in Delhi, 8 paise in Kolkata, 10 paise in Mumbai and 9 paise in Chennai.
The focus of global crude market participants shifted to the risk of oversupply, as they shrugged off escalating tensions between the United States and Iran.
Brent crude oil was down 10 cents, or 0.14 per cent, at $72.96 a barrel by around 6 am IST (0037 GMT), after settling down 1 cent on Monday. US crude was down 9 cents, or 0.13 per cent, at $67.80 a barrel.