homeenergy News

Petrol prices snap 4 day rising streak, diesel continues to fall; check rates here

Petrol prices snap 4-day rising streak, diesel continues to fall; check rates here

Petrol prices snap 4-day rising streak, diesel continues to fall; check rates here
Profile image

By CNBC-TV18 Mar 12, 2019 10:12:39 AM IST (Published)

Petrol prices snapped a 4-day gaining streak and fell about 5 paise, while diesel lost 7 paise across major cities on Tuesday.

Petrol prices snapped a 4-day gaining streak and fell about 5 paise, while diesel lost 7 paise across major cities on Tuesday.

Recommended Articles

View All

Petrol price in Mumbai stood at Rs 78.04 a litre while diesel was at Rs 70.58 per litre, at par with December 2018 levels.
According to the Indian Oil Corp data, in New Delhi, petrol was selling at Rs 72.41 per litre and diesel at Rs 67.37 per litre. In Kolkata and Chennai, petrol stood at Rs 74.49 per litre and Rs 75.20 per litre while diesel stood at Rs 69.16 per litre and Rs 71.20 a litre, respectively.
Transport fuel rates were hiked sharply on January 13 as global crude oil rates continued to climb handsomely following the implementation of output cuts by global oil producers from January 1.
Brent crude futures were at $66.75 per barrel, up 17 cents, or 0.3 percent.
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 rising retail price of petrol and diesel prices is unlikely to become a problem for the ruling NDA government in the coming general elections as it seems to have tempered its policy of market-determined retail pricing of petroleum products that were hitherto being revised on a daily basis based on international prices.
The move has been necessitated to prevent any consumer outrage that could erupt if there are frequent increases in the retail price of petrol and diesel - an upshot in petroleum product prices could have adverse fallout for the ruling BJP during the elections.
(With inputs from agencies)
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!

Top Budget Opinions

    Most Read

    Market Movers

    View All
    Top GainersTop Losers
    CurrencyCommodities
    CompanyPriceChng%Chng