Petrol Price Cut Again, Total Reduction Reaches Rs 4.05 In 18 Days

Last week, the Automobile Association (AA) estimated that there would be a drop in the petrol price, and increases in diesel and illuminating paraffin.

Should global oil prices remain at current levels and the local currency holds steady, South Africans could be looking at a petrol price decrease of over R1 and a diesel price cut of more than 50 cents - if the most recent daily fuel price data is anything to go by.

Now it appears to be payback time, as the projected petrol price decrease for November is no more, while the diesel price hike will be greater than had been expected.

With this, the reduction in rates in last 18 days now totals ₹4.05 per litre for petrol and ₹2.33 for diesel. A litre of petrol costs Rs 78.56 in Delhi, Rs 84.06 in Mumbai, Rs 81.61 in Chennai, Rs 79.19 in Bengaluru and Rs 80.47 in Kolkata.

Brent has lost more than 16% in value since early October, while WTI has declined by more than 18% since then.

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Prices had started to climb from August 16. Diesel on that day was priced at Rs 68.72 per litre in Delhi and Rs 72.96 in Mumbai.

As global crude oil rates continue to tumble, petrol and diesel prices were decreased once again today by 22 paise and 20 paise, respectively. With a cut of 18 paise, diesel is being sold at Rs 76.88 per litre in the city. In Mumbai, rates fell to Rs 86.97 per litre for petrol and Rs 77.45 in case of diesel.

As the global oil prices continued to rise, price of petrol and diesel in Delhi increased to ₹82.83 and ₹75.69 on October 17.

But since then, worldwide oil prices have been falling and rupee has also appreciated, resulting in decline in retail rates.

He said, "Oil prices are beyond the control of the Indian Government".

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