New Delhi: Petrol and diesel prices, which are revised every day, were slashed across the four metro cities with effect from 6 am on Monday, according to the website of the largest fuel retailer, Indian Oil Corporation (IOC). Delhi’s petrol rates were cut for the fifth consecutive day on Monday while for the rest of the metro cities, it was the fourth day of relief in petrol prices. Diesel rates were cut for the fifth consecutive day across the four metro cities.
A litre of petrol was being sold for Rs. 76.30 in New Delhi, for Rs. 79.15 in Kolkata, for Rs. 83.75 in Mumbai and for Rs. 79.25 in Chennai, according to iocl.com. Diesel was being sold in Delhi at the rate of Rs. 67.89 per litre, in Kolkata at Rs. 70.56 per litre, in Mumbai at Rs. 72.07 per litre, and in Chennai at Rs. 71.70 per litre.
On Sunday, one litre of petrol was sold in Delhi for Rs. 76.37, in Kolkata for Rs. 79.20, in Mumbai for Rs. 83.82, and in Chennai for Rs. 79.33. One litre of diesel was sold in Delhi for Rs. 67.98, in Kolkata for Rs. 70.63, in Mumbai for Rs. 72.17, and in Chennai for Rs. 71.79.
In global markets, oil prices were held back by concerns over U.S.-China trade tensions and increased supply. US crude was last off 16 cents at $68.1 a barrel after posting its third straight weekly loss. Brent eased 17 cents to $72.90, according to a report by news agency Reuters.
Petrol and diesel prices are decided on the basis of global crude oil prices and rate of the rupee against the US dollar.
Technical experts suggested that crude oil prices could continue to fall. “The fall from 75 to current levels has five waves (clear in daily chart) and price has reversed from upper trendline of the rising channel which suggested us to call the top in crude. From here crude price could continue to fall towards 57 levels or lower which is 38.2 per cent retracement level. This view will cancel out on a close above 80,” HDFC Securities said in a note.