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Fuel prices hit mid-August level, petrol costs Rs 76.52/litre in New Delhi

Fuel prices hit mid-August level, petrol costs Rs 76.52/litre in New Delhi

Fuel prices hit mid-August level, petrol costs Rs 76.52/litre in New Delhi
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By Suman Singh  Nov 19, 2018 8:48:26 AM IST (Updated)

Petrol prices on Monday erased all the gains made in the last two months and were trading close to the levels seen in mid-August following a drop in global crude oil prices.

Petrol prices on Monday erased all the gains made in the last two months and were trading close to the levels seen in mid-August following a drop in global crude oil prices.

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The reduction in diesel prices has been slower due to moderate fall in its benchmark international prices, according to oil company price notifications.
Petrol and diesel were at Rs 76.52 per litre and Rs 71.39 per litre, respectively in the National Capital Region (NCR).
According to the Indian Oil Corp data, petrol prices in Kolkata, Mumbai and Chennai were at Rs 78.47 per litre, Rs 82.04 per litre and Rs 79.46 per litre, respectively, while diesel stood at Rs 73.25 a litre in Kolkata, Rs 74.79 in Mumbai and Rs 75.44 a litre in Chennai.
Petrol prices have been cut by more than Rs 6.25 per litre and diesel by Rs 4.56 in a little over a month in Mumbai on softer international rates.
Rates have been on the decline since October 18. This has wiped out all of the price hike on petrol in two months beginning August 16 and more than half on diesel. Petrol prices are down 10.2 percent (Rs 9.30 per litre) since October 4, the day it had hit a record high of Rs 91.34 per litre
As per the country's pricing mechanism, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.
The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of country's requirement is met through imports.
(With inputs from agencies)
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