Petrol and diesel prices were slashed on Thursday only in the national capital, New Delhi. According to data from the website of the largest fuel retailer of the country, Indian Oil Coporation (IOC), petrol prices in Delhi were cut by 6 paise while diesel prices in Delhi were slashed by 12 paise. However, in other metro cities, petrol and diesel prices were left unchanged, as stated on IOC’s website, iocl.com. A litre of petrol was being sold in Delhi for Rs. 76.78 while a litre of diesel was being sold for Rs. 68.35.
As far as other metro cities are concerned, petrol and diesel prices were the same as the last three days. A litre of petrol was being sold in Kolkata for Rs. 79.51, in Mumbai for Rs. 84.22, and in Chennai for Rs. 79.76. A litre of diesel was being sold in Kolkata for Rs. 70.94, in Mumbai for Rs. 72.56, and in Chennai for Rs. 72.19.
These petrol and diesel rates came into effect from 6 am on Thursday.
In global commodities markets, oil prices buoyed after official data showed that US inventories of gasoline, diesel and heating oil unexpectedly fell last week. Brent crude futures had risen 8 cents, or 0.1 per cent, to $72.98 by 0043 GMT or around 6 am IST. They climbed 1 per cent on Wednesday after initially falling to the lowest in three months following the release of official production and stockpile data, which also showed a surprise build in US crude inventories. West Texas Intermediate (WTI) climbed 20 cents, or 0.3 per cent, to $68.96. They also gained about 1 per cent on Wednesday, according to a report by news agency Reuters.
Local petrol and diesel prices are unlikely to cool off by a wide margin anytime soon, said analysts. In fact, soaring crude oil prices will have an immediate effect on India’s current account deficit, which ratings and analytics company CRISIL expects would expand to 2.6 per cent of the GDP or gross domestic product on fiscal 2019 from 1.9 per cent in fiscal 2018 and 0.7 per cent in fiscal 2017.
