Petrol prices lowest in financial year 2018-19

Petrol prices on Wednesday touched the lowest level in the ongoing financial year across the four metro cities -- Chennai, Delhi, Kolkata, and Mumbai.

In the national capital, petrol price fell to Rs 73.57 per litre against Tuesday's level of Rs 74.07 per litre, according to data on the Indian Oil Corp's website. The price in Delhi was the lowest recorded level in FY 2018-19 so far, with the previous low being Rs 73.73 on April 1.

In the other metro cities to petrol prices fell by around 50 paise from Tuesday and recorded the lowest prices in the current fiscal.

Prices in Kolkata, Mumbai and Chennai were Rs 75.57, Rs 79.12 and Rs 76.35 per litre, respectively, against the previous levels of Rs 76.06, Rs 79.62 and Rs 76.88 per litre.

The previous lows for the current fiscal in Kolkata, Mumbai and Chennai were Rs 76.44, Rs 81.59 and Rs 76.48 per litre recorded in April 1.

Diesel prices also declined on Wednesday in tandem with cost of petrol.

In Delhi, Kolkata, Mumbai and Chennai, diesel was sold for Rs 68.49, Rs 70.34, Rs 71.71 and Rs 72.34, respectively, compared to Rs 68.89, Rs 70.74, Rs 72.13 and Rs 72.77 per litre.

The fall in domestic fuel prices comes amid the recent decline in crude oil prices.

As per the country's dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.

The price of the benchmark Brent crude oil, which declined over the past one month, however, increased marginally to $61 per barrel on Wednesday on expectations that Organization of the Petroleum Exporting Countries (OPEC) may decide to reduce supply in its meet next week.

The OPEC is expected to announce a supply cut of one million barrel per day to curb the fall in oil prices, according to market analysts.

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