Petrol price falls to 2-month low of Rs 85.24 in Mumbai
Fuel prices fell for the 12th consecutive day on Monday, with the cost of petrol dropping to a two-month low in Mumbai and other metros.
According to data from the Indian Oil Corporation, the price of petrol stood at Rs 85.24 per litre after a dip of 30 paise while diesel stood at Rs 77.40 after a decrease of 21 paisa today.
Similarly, in the national capital, petrol price stood at Rs 79.75 per litre after a decrease of Rs 0.30 while diesel stood at Rs 73.85 per litre after dip of 20 paise. A similar decline was witnessed in others metros like Chennai and Kolkata.
The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate since a large majority of the country’s requirement is met through imports.
The recent fall in the international crude oil cost and a recovery in the rupee against the US dollar have brought down fuel prices to two-month low. Petrol price had fallen below the current price on Agusut 26, when it fell to Rs 85.20.
“As per the assessment, the retail prices of petrol and diesel may reign easy in the next few days,” an official statement had said on October 26.
Fuel prices had been on the rise since mid-August. The lessen the impact of the rising costs, Finance Minister Arun Jaitley announced a reduction of Rs 2.50 per litre on both petrol and diesel on October 4.
A similar reduction in prices was subsequently announced by BJP-ruled states.