Petrol, diesel prices drop further ahead of Diwali; Check revised rates in your city

Oil prices fell early last week amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown.

The volatility in global crude oil prices affects the prices of petrol, diesel and other petroleum products in India. (Image: AFP)

New Delhi: As the global crude oil prices continue to slide down, petrol and diesel rates witnessed yet another dip today with petrol being sold at Rs 78.42 and diesel at Rs 73.07 in the national capital. Petrol and diesel prices came down by 0.14 paise and 0.9 paise respectively. Likewise in Mumbai, petrol and diesel prices in are Rs 83.92 per litre (decrease by 0.14 paise) and Rs 76.57 per litre (decrease by 0.10 paise) respectively. Over the last 20 days, fuel prices have witnessed a straight fall with petrol rates coming down by Rs 4.41 and diesel by Rs 2.63. Last month, fuel prices witnessed a relentless like with prices touching record level high across the country. On October 4, petrol had surged to a record high of Rs 84 and diesel had gone up to Rs 75.45. In October, the Central Government announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre, urging state governments to do the same on their end. However, in Gujarat, diesel prices are higher than petrol. In the state, a litre of petrol costs Rs 76.09 paise whereas diesel is being retailed at Rs 76.86. Fuel prices across the country have seen a continuous fall over the last 16 days. The reduction in fuel prices come amid relaxation in global crude oil prices. Oil prices fell early last week amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown. According to a report by news agency Reuters, the Brent crude January futures contract lost 44 cents, or 0.32 per cent, to trade at $74.72 per barrel by GMT 0054 GMT. The volatility in global crude oil prices affects the prices of petrol, diesel and other petroleum products in India. The fluctuation also affects the value of rupee that had breached the psychological barrier of 74 against the US dollar earlier this month.