Petrol price in Delhi was cut to Rs 69.04 per litre from Rs 69.26 while diesel rates came down to Rs 63.09 from Rs 63.32 a litre(HT File Photo)
Petrol price in Delhi was cut to Rs 69.04 per litre from Rs 69.26 while diesel rates came down to Rs 63.09 from Rs 63.32 a litre(HT File Photo)

Petrol price cut to its lowest level in 2018, diesel at 9-month low

In all, petrol price has fallen by Rs 13.79 per litre since October 18, more than negating all of the hike that was witnessed in the two-month period beginning mid-August.
By Press Trust of India | Press Trust of India
UPDATED ON DEC 30, 2018 02:19 PM IST

Petrol price Sunday was cut by 22 paise per litre to its lowest level in 2018 while diesel rates were reduced by 23 paise to a nine-month low.

Petrol price in Delhi was cut to Rs 69.04 per litre from Rs 69.26 while diesel rates came down to Rs 63.09 from Rs 63.32 a litre, according to the price notification of state-owned oil firms.

Petrol prices, which have been on a decline since October 18 except for one day, are at their lowest level of 2018. Diesel rates are at their lowest since March-end.

In all, petrol price has fallen by Rs 13.79 per litre since October 18, more than negating all of the hike that was witnessed in the two-month period beginning mid-August.

Diesel prices have declined by‎ Rs 12.06 per litre in two and half months. Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.

Prices had started to climb from August 16.

Petrol in Delhi was priced at Rs 77.14 and in Mumbai at Rs 84.58 per litre on August 15. Diesel on that day was priced at Rs 68.72 per litre in Delhi and Rs 72.96 in Mumbai.

Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73.

On that day, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.

Subsequent to this, the petrol price moderated to Rs 81.50 per litre in Delhi and diesel to Rs 72.95 a litre on October 5. In Mumbai, rates fell to Rs 86.97 per litre for petrol and Rs 77.45 in case of diesel.

As the international oil prices continued to rise, price of petrol and diesel in Delhi increased to Rs 82.83 and Rs 75.69 on October 17. In Mumbai, rates touched Rs 88.29 a litre for petrol and Rs 79.35 for diesel.

But since then, international oil prices have been falling and rupee has also appreciated, resulting in a decline in retail rates.

During the last two and half months, petrol price rose on just one day -- by 10 paise on December 18. Diesel rates rose on December 17 and 18 by 9 paise and 7 paise respectively.

Industry sources said as per the assessment, the retail prices of petrol and diesel may reign easy in the next few days.

The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of the country’s requirement is met through imports.

SHARE THIS ARTICLE ON
Close
A Chandigarh lawyer suspected to be receiving substantial amounts in cash from his clients to settle their disputes has been raided by the Income Tax Department.(Getty Images/iStockphoto)
A Chandigarh lawyer suspected to be receiving substantial amounts in cash from his clients to settle their disputes has been raided by the Income Tax Department.(Getty Images/iStockphoto)

I-T Dept detects unaccounted income of 175 crore during Tamil Nadu raids

By Divya Chandrababu, Hindustan Times, Chennai
UPDATED ON MAR 05, 2021 11:31 AM IST
  • Income tax officials have also seized 3 crore cash during raids on two groups of civil contractors in Tamil Nadu
Close
People watch the Sensex on a screen outside Bombay Stock Exchange (BSE) in Mumbai. (PTI)
People watch the Sensex on a screen outside Bombay Stock Exchange (BSE) in Mumbai. (PTI)

Sensex slumps over 440 points, Nifty slips below 15,000 in early trade

By hindustantimes.com, Mumbai
UPDATED ON MAR 05, 2021 09:54 AM IST
The BSE gauge Sensex was trading at 50,405.99, showing a drop of 440.09 points or 0.87 per cent in the opening session.
Close
Customers are paying more in taxes than the base price for petrol and diesel according to the latest price data for petrol and diesel.(Amal KS/ Hindustan Times)
Customers are paying more in taxes than the base price for petrol and diesel according to the latest price data for petrol and diesel.(Amal KS/ Hindustan Times)

Case to get petrol, diesel under the ambit of GST

By Roshan Kishore, Hindustan Times, New Delhi
UPDATED ON MAR 05, 2021 07:35 AM IST
  • At a time when petrol and diesel prices are at an all-time high, and taxes have a bigger component in the retail price than the base price of the fuels, it is worth revisiting the debate
Close
To be sure, Sapre is also a member of the Mutual Funds Advisory Committee (MFAC) of Sebi.(Bloomberg News)
To be sure, Sapre is also a member of the Mutual Funds Advisory Committee (MFAC) of Sebi.(Bloomberg News)

FT should be probed by Sebi and not ED or cops, says Amfi

By Neil Borate, Hindustan Times, Mumbai
PUBLISHED ON MAR 05, 2021 12:55 AM IST
  • The ECIR is reportedly based on an FIR filed by the Chennai police under Section 420 of the IPC on the basis of a complaint by the Chennai Financial Markets and Accountability (CFMA), an organisation that fights for investors’ rights.
Close
Representational image of wearable technology.(Unsplash)
Representational image of wearable technology.(Unsplash)

Wearables market grew 144% in ’20 on remote working shift

By Abhijit Ahaskar, Hindustan Times, New Delhi
UPDATED ON MAR 05, 2021 06:42 AM IST
  • Shipments in the December quarter grew at a higher rate of 198% annually with 15.2 million units.
Close
In February, Reliance Retail said it is building its own supply chain by converting its Reliance Market stores into fulfilment centres, to further the reach of its new commerce venture, JioMart, and expedite deliveries..(Bloomberg)
In February, Reliance Retail said it is building its own supply chain by converting its Reliance Market stores into fulfilment centres, to further the reach of its new commerce venture, JioMart, and expedite deliveries..(Bloomberg)

E-com boom sets off a scramble for warehouses

By Kalpana Pathak, Tanya Thomas, Hindustan Times, Mumbai
PUBLISHED ON MAR 05, 2021 12:12 AM IST
  • The companies are also opting for large boxes for storage, with around 400,000-plus sq. ft being the average demand.
Close
Capco’s clients include top companies in the financial services and energy and commodities trading sectors.
Capco’s clients include top companies in the financial services and energy and commodities trading sectors.

Wipro to acquire UK consultancy Capco for $1.45 billion

By Ayushman Baruah
PUBLISHED ON MAR 05, 2021 12:05 AM IST
  • The latest acquisition is Delaporte’s boldest move to spur growth after the company ceded its position as India’s third-largest software services provider to HCL Technologies Ltd.
Close
Deliberations are at an early stage and Flipkart could still explore other options, the people said.(REUTERS)
Deliberations are at an early stage and Flipkart could still explore other options, the people said.(REUTERS)

Flipkart mulls US listing through the SPAC route

Bloomberg
PUBLISHED ON MAR 05, 2021 12:02 AM IST
  • The Bengaluru-based online retailer has been weighing a US initial public offering and it’s now also looking at other options, the people said.
Close
Two of the people said OMCs have already built a cushion of <span class='webrupee'>₹</span>2-3 per litre even as international oil prices have fallen after reaching a 13-month peak on February 24.
Two of the people said OMCs have already built a cushion of 2-3 per litre even as international oil prices have fallen after reaching a 13-month peak on February 24.

Fuel retailers may cut rates in run-up to polls

By Rajeev Jayaswal
UPDATED ON MAR 05, 2021 06:40 AM IST
  • While the base price of petrol is 33.26 per litre, it attracts 32.90 a litre central excise and 21.04 per litre local levies in Delhi.
Close
People stand outside the headquarters of the Organization of the Petroleum Exporting Countries, OPEC, in Vienna. (AP File Photo )
People stand outside the headquarters of the Organization of the Petroleum Exporting Countries, OPEC, in Vienna. (AP File Photo )

OPEC+ to extend most oil cuts into April, Saudi to keep voluntary cut

Reuters, Dubai, Moscow
PUBLISHED ON MAR 04, 2021 11:27 PM IST
The news pushed oil prices back towards their highest levels in more than a year with Brent trading up 5% above $67 a barrel as the market had expected OPEC+ to release more barrels.
Close
OPEC+ cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic.(AP)
OPEC+ cut output by a record 9.7 million bpd last year as demand collapsed due to the pandemic.(AP)

OPEC+ meet on oil output with Saudi, Russia seeing fragile recovery

Posted by Harshit Sabarwal | Reuters
PUBLISHED ON MAR 04, 2021 10:12 PM IST
Saudi Energy Minister Prince Abdulaziz bin Salman and Deputy Prime Minister Alexander Novak, lynchpins in the OPEC+ group, have to decide with their allies whether a rally in oil prices is enough to warrant more supply or if uncertainty about the coronavirus crisis should encourage more caution.
Close
UK investigates Apple's App Store for 'stifling competition' and 'hurting consumers' (Reuters File Photo)
UK investigates Apple's App Store for 'stifling competition' and 'hurting consumers' (Reuters File Photo)

UK probes Apple's App Store for 'stifling competition' and 'hurting consumers'

PTI
PUBLISHED ON MAR 04, 2021 08:57 PM IST
UK's competition watchdog, the Competition and Markets Authority, said Thursday it was looking into “suspected breaches of competition law" by Apple. The App Store, Apple responded, is “a safe and trusted place for customers.”
Close
A branch of State Bank of India (SBI) is seen.(Mint)
A branch of State Bank of India (SBI) is seen.(Mint)

SBI to conduct property e-auction tomorrow: Here’s what you need to know

By hindustantimes.com | Edited by Mallika Soni
UPDATED ON MAR 04, 2021 08:34 PM IST
  • As per SBI’s official website, the properties that are included in the auctions are those of defaulters who failed to pay their dues.
Close
The EPFO has decided it will pay an 8.5% interest on deposits based on the current position of earnings and deposits of the organisation.(File photo)
The EPFO has decided it will pay an 8.5% interest on deposits based on the current position of earnings and deposits of the organisation.(File photo)

EPFO retains 8.5% interest on EPF deposits: Here's how it is calculated

By hindustantimes.com | Edited by Mallika Soni
PUBLISHED ON MAR 04, 2021 07:22 PM IST
  • Here’s how you can calculate the EPF interest
Close
Square, Inc. says it has reached an agreement to acquire majority ownership of Tidal, the music streaming service partly owned by Jay-Z.(Greg Allen/Invision/AP)
Square, Inc. says it has reached an agreement to acquire majority ownership of Tidal, the music streaming service partly owned by Jay-Z.(Greg Allen/Invision/AP)

Square to pay $297 mn for majority stake in Jay-Z's Tidal, appoint him to board

Posted by Kunal Gaurav | Bloomberg
PUBLISHED ON MAR 04, 2021 07:09 PM IST
Jay-Z acquired Tidal for $56 million in 2015 and announced plans to turn it into the first artist-owned streaming service.
Close
SHARE
Story Saved
OPEN APP