Petrol prices below Rs 70 in Delhi; lowest in 2018

New Delhi, Dec 24: For the fourth straight day on Monday petrol prices have fallen to Rs 69.86 per litre in Delhi, which is also the lowest rate this year.

In Delhi, petrol today retailed at Rs 69.86 a litre - its lowest this year - after rates were cut by 20 to 22 paise in top cities. In Kolkata, petrol retailed at Rs 71.96, in Mumbai Rs 75.48, in Chennai Rs 72.48 and in Bengaluru Rs 70.42.

Similarly, in Delhi, diesel retailed at Rs 63.83 a litre, in Kolkata Rs 65.59, in Mumbai Rs 66.79, in Mumbai Rs 67.38 and in Bengaluru Rs 64.18, down 18 to 20 paise. So far in four days, the retail price of petrol and diesel are off 70 to 80 paise a litre in top cities.

As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee. This is because a large proportion of country's requirement is met through imports.

State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis. The government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly.

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.