On Tuesday, petrol and diesel prices were further cut by 11 paise and by 13 paise per litre, respectively.
So now, a litre of diesel costs Rs 69.79 in Mumbai, and Rs 66.58 in Delhi, while a litre of petrol is priced at Rs 79.21 in Mumbai, and Rs 73.60 in Delhi. Retail prices of the two automobile fuels are revised daily. Petroleum companies revise petrol and diesel prices on the basis of crude prices in the international market. Hence the prices vary according to the company.
On the Multi Commodity Exchange, crude oil for February delivery dropped by Rs 86, or 2.22 per cent, to Rs 3,787 per barrel with a business volume of 24,765 lots. Crude oil for March delivery was quoting lower by Rs 82, or 2.11 per cent, at Rs 3,807 per barrel with an open interest of 859 lots.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak spot demand. Globally, West Texas Intermediate crude oil traded 2.45 per cent lower at USD 52.86 per barrel. Brent Crude, the international benchmark, dropped 2.29 per cent to trade at USD 59.30 per barrel in New York.
(Inputs from PTI)