Fuel becomes cheaper, petrol price at new 2018 low

Fuel becomes cheaper, petrol price at new 2018 low

New Delhi: Domestic fuel prices fell around 30 paise on Saturday as the cost of petrol touched fresh low levels for 2018 across the four metros.

In the national capital, petrol price was at Rs 69.26 per litre, 29 paise down from the Friday's levels of Rs 69.55 per litre, data on the Indian Oil Corp's website showed.

Cost of the fuel in Delhi fell below the Rs 70 per litre mark on December 24 for the first time in the year since January.

In Kolkata, Mumbai and Chennai too, prices of the fuel fell to new lows for the year at Rs 71.37, Rs 74.89 and Rs 71.85 respectively, down from the previous levels of Rs 71.65, Rs 75.18 and Rs 72.16 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.

Diesel prices also declined in line with petrol. In Delhi, Kolkata, Mumbai and Chennai, diesel prices fell to Rs 63.32, Rs 65.07, Rs 66.25 and Rs 66.84, from the previous levels of Rs 63.62, Rs 65.37, Rs 66.57, Rs 67.16 per litre.

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