Petrol price goes below Rs 70, hits lowest rate in 2018

400 petrol pumps shut in Delhi as dealers challenge high VAT
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New Delhi: Petrol price in Delhi fell below the Rs 70-per-litre mark on Monday for the first time after January and recorded the lowest level in 2018 at Rs 69.86 per litre.

On Sunday, petrol was sold at Rs 70.07 a litre in the national capital, data on the Indian Oil Corp' website showed, and the previous low of petrol price in the national capital for 2018 was Rs 69.97 recorded on January 4.

In southern metropolitan city of Chennai too, petrol price declined to the lowest level in 2018 at Rs 72.48, down from Rs 72.70 on Sunday. The previous low in the city during the current calendar year was Rs 72.53 recorded on January 4.

In Kolkata and Mumbai, petrol prices already hit the lowest level of 2018 earlier in the month and on Monday, they declined further to Rs 71.96 and Rs 75.48, respectively, against the previous price Rs 72.16 and Rs 75.69 per litre.

The decline in domestic fuel prices comes amid the recent fall in global crude oil prices.

As per the country's dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.

Cost of diesel also decreased in tandem with petrol. In Delhi, Kolkata, Mumbai and Chennai, diesel was priced at Rs 63.83, Rs 65.59, Rs 66.79 and Rs 67.38 respectively, against the Sunday's levels of Rs 64.01, Rs 65.77, Rs 66.98 and Rs 67.58 per litre.

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