Petrol Prices Drop For Second Day, Diesel Prices Hiked Marginally

1. While petrol prices were cut by 3-4 paise per litre across the four metros on Friday, diesel prices were lowered by the same margin.
2. Petrol has become cheaper by a marginal 6-8 paise per litre in the past two days. However, diesel has returned to the same level.
3. On Thursday, diesel prices were cut by 3-4 paise per litre and increased again the next day, therefore returning to the same levels as Wednesday.
4. So far this month, petrol and diesel prices are up 36-38 paise per litre and 56-60 paise per litre in the four cities, respectively, tracking higher global crude prices.
5. Petrol and diesel prices are revised with effect from 6 am every day. Stat-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum until June last year revised the prices every 15 days.
6. Currently, petrol and diesel prices in the country are determined broadly by the global crude oil rates.
7. International crude oil prices held steady on Thursday, remaining close to highs last reached in late 2014 on tensions over Syria and shrinking global oil inventories. Brent crude futures settled at $72.02 a barrel, down 4 cents. US WTI crude futures were up 25 cents at $67.07. Prices for both climbed in post-settlement trading.
8. On Wednesday, global oil prices had jumped to their highest level since late 2014 after Saudi Arabia said it intercepted missiles over Riyadh and US President Donald Trump warned of military action in Syria, both of which raised concerns about possible supply disruptions.
9. So far this year, petrol prices are up Rs 3.94 per litre in Delhi, Rs 3.9 per litre in Kolkata and Mumbai, and Rs 4.14 per litre in Chennai.
10. Diesel prices are up Rs 5.32 per litre in Delhi, Rs 5.35 per litre in Kolkata, Rs 5.9 per litre in Mumbai and Rs 5.7 per litre in Chennai so far this year.

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