INSUBCONTINENT EXCLUSIVE:
On Monday, petrol prices were cut for the sixth day and diesel prices lowered for five days in six
Petrol
and diesel prices were cut on Tuesday
While petrol prices were reduced for the seventh day in a row, diesel prices were lowered for six days in seven
Petrol prices across Delhi, Kolkata, Mumbai and Chennai were cut by 12-14 paise per litre on Tuesday compared with the previous day's
prices, according to Indian Oil Corporation data
Diesel prices were slashed by 9-10 paise per litre across the four metros
The downward movement in prices follows sixteen days of consecutive hikes, on the back of surge in crude oil prices and weakness in the
rupee against the dollar.Here are five things to know about petrol and diesel prices today:1
With effect from 6 am on Tuesday, June 5, petrol prices were at Rs 77.83 per litre in Delhi, Rs 80.47 per litre in Kolkata, Rs 85.65 per
litre in Mumbai and Rs 80.80 per litre in Chennai, according to Indian Oil Corporation
litre)5-Jun4-Jun29-May5-Jun4-Jun29-MayDelhi77.9677.9678.4368.9768.9769.31Kolkata80.680.681.0671.5271.5271.86Mumbai85.7785.7786.2473.4373.437
3.79Chennai80.9480.9481.4372.8272.8273.18(Source: iocl.com)2
Fuel prices in Delhi are the lowest among the metros
Prices vary from state-to-state depending on local sales tax or value added tax (VAT)
period.(Read: Government Looking At Short-Term, Long-Term Solutions On Petrol, Diesel Prices)3
In the international market, although crude oil prices edged higher on Tuesday, growing US production and expectations of higher OPEC
(Organization of the Petroleum Exporting Countries) supplies continued to weigh on the sentiment
Brent crude futures were around $75.50 per barrel
Crude oil prices had fallen nearly 2 per cent on Monday.4
The rupee is down 5 per cent against the US dollar so far this year
On Monday, it had touched the level of 66 level against the US dollar, before closing almost flat at 67.11
Besides global oil prices and the broad movement of the US dollar, the rupee will take cue from this week's Reserve Bank of India (RBI)
per litreDiesel price on June 5in Rs
litreAgartala73.566.95Aizwal73.6266.13Ambala77.9469.4Bangalore79.170.06Bhopal83.4572.5Bhubhaneswar76.6473.84Chandigarh74.8566.89Dehradun78.8
669.21Gandhinagar77.1274.03Gangtok80.8570.6Guwahati80.0371.91Hyderabad82.4574.87Imphal75.8966.93Itanagar73.6466.12Jaipur80.673.34Jammu79.527
0.04Jullunder83.0868.78Kohima76.2667.22Lucknow78.3569.04Panjim71.7270.11Patna83.373.58Pondicherry76.5971.15Port
Blair67.0664.54Raipur78.2174.36Ranchi77.5172.71Shillong77.1868.68Shimla77.9968.5Srinagar82.2172.26Trivandrum80.9773.72Silvasa75.769.7Daman75
India meets more than 80 per cent of its oil requirement through imports
That makes crude oil the most expensive item on the country's import bill
Weakness in the rupee against the US dollar also puts pressure on domestic petrol and diesel prices
The rupee is down more than 4 per cent against the greenback so far this year.(With agency inputs)
