Petrol prices continue to fall for 14 days in a row at Rs 76.43 per litre in Delhi and Rs 84.26 per litre in Mumbai. On Tuesday, diesel prices were at Rs 67.85 per litre in Delhi and Rs 72.24 per litre in Mumbai. On June 12, petrol and diesel prices in Kolkata were at Rs 79.10 and Rs 70.40 per litre. In Chennai, petrol and diesel were at Rs 79.33 and Rs 71.62 per litre.
Six points to know about petrol and diesel prices
- The pace for decline in last 14 days is much slower than the rate at which fuel prices were going up in previous 16 days when it was touching new high every day. Consider this: petrol has gone down by Rs 2 a litre since May 30, compared to the increase of Rs 3.8 per litre during May 14-29.
- Global crude oil prices remained at the same level on Tuesday with all eyes set on the meeting between the US President Donald Trump and North Korean leader Kim Jong Un in Singapore. Brent crude futures are trading at near $76.50 per barrel.
- After depreciating for two days in a row, the rupee recovered by 8 paise at Rs 67.42. The rupee was depreciating on the back of rising crude oil prices as India imports more than 80 per cent of its oil demand.
- In the long run, petroleum products would be brought under the GST purview to help check volatility in fuel prices. Union oil minister Dharmendra Pradhan Pradhan said, “In the long run, petroleum products are bound to be included within the ambit of the GST regime. It is only a matter of time. It will immensely help in containing prices of petrol and diesel.”
- Petrol prices hit an all-time high of Rs 78.43 a litre and Rs 69.31 for diesel on May 29. Following this rates are on downward spiral following decline in international oil prices and rupee strengthening against the US dollar.
- The government freed petrol pricing from its control in June 2010 and diesel in October 2014. Since then fuel prices are revised on daily basis to be in tune with global crude oil prices.