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Fuel prices continue to fall as global crude rates ease

IANS  |  New Delhi 

State-run companies continued to cut the prices of key transport fuels -- petrol and diesel -- well into the fourth week on Saturday on

According to the data, petrol was priced at Rs 77.89 per litre in the national capital on Saturday, 17 paise lower from Friday.

Petrol prices fell by 17 to 18 paise to Rs 83.40 per litre in Mumbai, Rs 79.81 in and Rs 80.90 in on Saturday.

As per the daily dynamic regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.

Prices vary from region to region due to local taxes, as the products are excluded from the GST regime. has the lowest tax rate among the four metros.

In tandem with petrol, the cost of diesel declined by 16 to 17 paise on Saturday across the four metros.

The price of diesel in was down at Rs 76.05 per litre.

Similarly, prices of diesel in Delhi, and declined to Rs 72.58, Rs 74.44 and Rs 76.72 a litre respectively.

The downward revision also comes on the back of multiple factors such as and a recovery in the rupee against the US dollar.

On Friday, the UK Brent crude traded at around $70 per barrel, from a recent high of over $86.

Earlier last month, the Centre announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the companies had been mandated to reduce the prices of petrol and diesel by Re 1 a litre.

--IANS

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Sat, November 10 2018. 17:12 IST
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