Oil marketing companies have slashed the prices of petrol and diesel by more than Rs 2 on Wednesday across major Indian metros, extending the global crash in crude oil prices, spurred by Saudi Arabia's price war. While petrol price has been cut by Rs 2.69, diesel has seen a cut of Rs 2.33.
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As a result, petrol is retailing at Rs 70.29 in Delhi, while the price of diesel is Rs 63.01 per litre. In Mumbai, a litre of petrol and diesel are being sold at Rs 75.99 and Rs 65.97 respectively. Petrol costs Rs 72.98 per litre and diesel Rs 65.34 in Kolkata. In Chennai, the petrol price is Rs 73.02 and that of diesel is Rs 66.48.
On Monday, petrol prices slipped below Rs 71-mark for the first time in eight months, thanks to a price war among oil producers leading to international crude prices crashing by their biggest margin since the 1991 Gulf war. Fuel prices have been on the decline since February 27 on international trends.
Retail prices of the day are based on average price of benchmark international fuel of the preceding fortnight. The moving average helps narrow the extreme volatility in the prices.