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Petrol price dips below Rs 70, lowest in 2018; diesel cheapest since Marchhttps://indianexpress.com/article/business/petrol-price-below-70-delhi-lowest-2018-5509141/

Petrol price dips below Rs 70, lowest in 2018; diesel cheapest since March

This was also the first time since January that petrol prices fell below the Rs 70-litre mark, according to data on the Indian Oil Corp' website. The previous low of petrol price in the national capital for 2018 was Rs 69.97 recorded on January 4.

Petrol below Rs 70 in Delhi; lowest in 2018
The decline in domestic fuel prices comes amid the recent fall in global crude oil prices. (Representational Image)

Petrol prices in Delhi on Tuesday was at its lowest in 2018 at Rs 69.86 per litre, while diesel prices were at their lowest since March. This was also the first time since January that petrol prices fell below the Rs 70-litre mark, according to data on the Indian Oil Corp’ website. The previous low of petrol price in the national capital for 2018 was Rs 69.97 recorded on January 4.

Petrol prices were reduced by seven paise per litre in the four metros on Tuesday. The decline in domestic fuel prices comes amid the recent fall in global crude oil prices. In Delhi, Kolkata, Mumbai and Chennai, diesel was priced at Rs 63.83, Rs 65.59, Rs 66.79 and Rs 67.38 respectively, against the Sunday’s levels of Rs 64.01, Rs 65.77, Rs 66.98 and Rs 67.58 per litre.

In Chennai, petrol prices declined to their lowest level in 2018 at Rs 72.48, down from Rs 72.70 on Sunday. The previous low in the city during the current calendar year was Rs 72.53 recorded on January 4.

In Kolkata and Mumbai, petrol prices already hit the lowest level of 2018 earlier in the month and on Monday, they declined further to Rs 71.96 and Rs 75.48, respectively, against the previous price Rs 72.16 and Rs 75.69 per litre.

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As per the country’s dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.

The government had cut the excise duty on fuel prices in October in order to tackle increasing prices of petrol and diesel. The estimated loss of revenue to the Central government on account of the cut will be about Rs 7,000 crore in the remaining part of the fiscal.