As the global crude oil prices fall, fuel prices in India continue their downward journey. On Friday petrol was selling at Rs 69.55 in Delhi, its lowest price this year.
Petrol prices fell by 20 paise a litre in top cities while diesel prices witnessed a fall of around 15 paise. In Kolkata petrol retailed at Rs 71.65, in Mumbai Rs 75.18, in Chennai Rs 72.16, in Bengaluru Rs 70.11 and Rs 69.6 in Noida.
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Similarly, in Delhi, diesel today retailed at Rs 63.62 a litre, in Kolkata Rs 65.37, in Mumbai Rs 66.57, in Chennai Rs 67.16, in Bengaluru Rs 63.97 and Rs 63.09 in Noida.
Petrol prices had hit a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4 when crude prices were hovering around $85 a barrel. Diesel had also peaked at an all-time high of Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.
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However, they have been on a downtrend since hitting record highs in October as the global oil benchmark Brent crude has slumped from over $85 a barrel to around $53 a barrel now on concerns over global growth and oversupply.
Petrol has decreased by Rs 14 to Rs 16 a litre in top cities from the all-time highs while diesel prices are down Rs 12 to Rs 13.5 a litre.
The retail price of domestic fuel depends on global crude oil price and rupee-dollar exchange rate as well as central and state level taxes.