Petrol, Diesel Prices Cut By 15 Paise On Tuesday

Petrol, Diesel Price Today: Petrol and diesel prices have been cut marginally by up to 15 paise across the metros on Tuesday, August 24. In the national capital, petrol prices have been reduced by 15 paise from ₹ 101.64 per litre to ₹ 101.49 per litre and diesel rates have been cut by 15 paise from ₹ 89.07 per litre to ₹ 88.92 per litre, according to Indian Oil Corporation. In Mumbai, petrol and diesel prices are at ₹ 107.66 per litre and ₹ 96.64 per litre respectively. (Also Read: How To Check Latest Petrol And Diesel Rates In Your City)

Petrol and Diesel Prices Cut by 15 Paise

Petrol prices have been reduced by 1 paisa in Kolkata and are at ₹ 97.37 per litre. Diesel prices are at ₹ 86.72 per litre in Kolkata, down by 1 paisa. In Chennai, petrol prices are at ₹ 89.32 per litre and diesel prices are at ₹ 86.39 per litre. In Bangalore, petrol prices are at ₹ 84.63 per litre and diesel prices are at ₹ 85.77 per litre. In case you are travelling outside the metros, the rates will be updated here. All prices are expressed in Indian Rupees per litre. Global oil prices have dropped by nearly 4 percent since last week. Saudi Arabia and Russia said on Sunday that they are prepared to raise output from July, but not too much. The two biggest producers have previously decided to slash output by 1.2 million barrels per day (bpd) each.

 

What Is The Reason Behind The Price Cut?

As per a statement issued by Indian Oil Corporation, prices were cut because of the recent depreciation in the value of rupee. The domestic rupee on Monday closed at 68.90 per US dollar and had lost some 18 paise on August 22. The statement read, "There is a marginal decrease in the price of Petrol and Diesel today on account of correction in international prices of petrol and diesel and oil price being cheap in the international market as compared to previous few months." Petrol Price In Delhi: August 2018 On Monday, petrol prices had dropped to an all-time low of ₹ 81.12 in Mumbai and ₹ 83.35 in Delhi. It was seen as a breather to the nation that saw petrol prices spike to a record high of ₹ 86.48 per litre and ₹ 87.97 per litre respectively in the national capital on August 15.

 

How To Check Petrol And Diesel Rates In Your City

To check the fuel prices in your city, all you need to do is to go to the Google Maps app on your smartphone and search for the location on which you want to check. Under the Fuel Prices section, you will see the fuel prices as well as the current rate in rupees. To calculate the distance, you will need to convert the current price into rupees. And the result will be shown in kilometers and may vary depending on the speed of your vehicle and the current traffic condition. Petrol Diesel Today's Petrol Diesel Today's Petrol Diesel Today's Petrol Diesel Tomorrow's Petrol Diesel Tomorrow's Petrol 1 km 20.07 20.03 21.04 20.63 20.11 20.93 20.50 The fuel prices have been on an upward spiral since the past few months, especially after the global prices increased by around USD 10 per barrel.

 

Conclusion

Diesel and petrol prices are on a rollercoaster ride in India for almost a year now. While in the beginning of 2017, petrol and diesel prices were increased by ₹ 10 per litre and ₹ 15 per litre, respectively, they have been declining slowly after the government decided to cut excise duty on petrol and diesel. In fact, diesel prices are back to the levels they were at in June 2014. On the other hand, prices in the US have been increasing with crude oil selling around $50 a barrel since the last few months. Crude oil is a major cost factor for refineries. Since petrol and diesel prices in India are governed by the dynamic market, even a single US dollar rise or fall in crude oil price is difficult to predict.

Comments
Rohit - Aug 26, 2021, 3:44 PM - Add Reply

nice article

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