Petrol, diesel rates today: After a hiatus of one day, fuel prices were further slashed on Thursday morning across the country on the backdrop of decreasing Crude oil prices in the international market. In the national capital, petrol price was cut by 40 paise whereas diesel price saw a dip of 43 paisa. According to the data available with Indian Oil Corp, petrol is being retailed at Rs 71.32 per litre and diesel costs Rs 65.96 per litre in Delhi. Likewise in Mumbai, petrol and diesel are being sold at Rs 76.90 and Rs 69.02 respectively. In other major cities of the country including Kolkata and Chennai, a litre of petrol is available at Rs 73.36 and Rs 73.99 respectively while diesel in these cities is being sold at Rs 67.63 and Rs 69.63, respectively.

Fuel prices have witnessed a significant dip over the past one and half months and now rates of petrol have come below Rs 80 and diesel below Rs 70 per litre in major cities of the country. Since October 17, petrol prices have come down by Rs 11.50 in the national capital. The latest prices are the least since April 1 in the major metros cities and this is mainly on account of softer international rates.

However, various reports suggest that fuel prices might witness some hike from next week if the Organisation of the Petroleum Exporting Countries (OPEC) decides to restrict the supply and bring down the crude oil prices. After reaching an all-time high of Rs 84 per litre on October 4 in New Delhi, petrol is now being retailed at the lowest in the financial year.

As per Indian scenario, is it being speculated that after the conclusion of Assembly elections in five states, the government may reverse the change in excise duty in order to boost its revenue and narrow down the fiscal deficit targets. According to a New York Times report, oil producers have little choice but to announce a substantial cut in production of at least 1 million barrels a day, or around 1 percent of world oil supplies.