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    Fuel prices drop on New Year's Day, petrol at Rs 74.30/litre in Mumbai

    Fuel prices drop on New Year's Day, petrol at Rs 74.30/litre in Mumbai

    Fuel prices drop on New Year's Day, petrol at Rs 74.30/litre in Mumbai
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    By CNBC-TV18  IST (Published)

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    The fuel prices fell in four major metros — Mumbai, New Delhi, Kolkata and Chennai — on Tuesday. The per litre petrol price in Mumbai stood at Rs 74.30 while diesel was at Rs 65.56 per litre.

    The fuel prices fell in four major metros — Mumbai, New Delhi, Kolkata and Chennai — on Tuesday.
    The per litre petrol price in Mumbai stood at Rs 74.30 while diesel was at Rs 65.56 per litre.
    According to the Indian Oil Corp data, petrol prices in Kolkata, New Delhi and Chennai were at Rs 70.78 per litre, Rs 68.65 per litre and Rs 71.22 per litre, respectively, while diesel stood at Rs 64.42 a litre in Kolkata, Rs 62.66 a litre in Delhi and Rs 66.14 a litre in Chennai.
    Petrol prices, which have been on a decline since October, reached their lowest level of 2018 on Sunday. Diesel rates were at their lowest since March-end.
    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.
    Retail pump price is calculated after adding central excise duty, dealers commission and value-added tax (VAT) to the base price.
    The slide in domestic fuel prices comes following a recent decline in global crude due to oversupply concerns.
    (With inputs from agencies)
     
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