Petrol, diesel prices dip for 10th day in a row

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Petrol prices had touched the peak of Rs 78.43 per litre in Delhi and Rs 86.24 per litre in Mumbai on May 29.

After today's revision, petrol was retailing at Rs 76.58 per litre in the national capital, Rs 84.41 in Mumbai, Rs 79.25 in Kolkata and Rs 79.48 in Chennai. Diesel prices also decreased by 15 paise to Rs. 68.58 per litre in Delhi.

This is the 11th reduction in rates coming after 16 days of relentless price hikes that followed lifting of a almost three-week hiatus on price revision just before Karnataka went to polls.

Brent crude futures, the global benchmark for oil prices, were at $76.37 per barrel at 0010 GMT on Monday, 0.1 per cent, higher than their last close.

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Oil minister Dharmendra Pradhan had asked state governments to not reap a bonanza from rising crude oil prices, and tax fuel within a "reasonable and responsible band".

Accordingly, the petrol margins were revised upwards from November 1, 2017 whereas diesel margins were proposed to be deregulated from December 1, 2017 subject to certain conditions.

The Petroleum Division proposed that petrol margins of OMCs and dealers may be jacked up by Rs0.09 and Rs0.12 per litre respectively based on CPI readings for May 2017 to April 2018 while diesel margins may be pushed up by Rs0.23 and Rs0.26 per litre respectively based on CPI data for November 2015 to April 2018. On Thursday, rates were cut by 9 paisa for petrol and 7 paisa and 8 paisa for diesel in Delhi and Mumbai, respectively. Meanwhile, the rupee another deciding factor behind retail fuel prices in India was trading around 67.50 against the U.S. dollar. The US oil production, on the other hand, has increased in the last month.

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