Petrol prices down again; can further decline by Rs 3 due to declining crude oil price

Petrol and diesel prices have seen the sharpest decline on Saturday since the month of July for the 10th day straight in Delhi. Petrol has come down by 30-36 paise in mega cities while diesel prices have come down by 30-36 paise.

In Delhi, petrol today was retailing at Rs 72.53 as against Rs 72.87 on Friday while diesel was priced at Rs 67.35, 37 paise less than Friday's price of Rs 67.72, according to data available on Indian Oil Corporation website.

In Mumbai on the other hand, petrol prices dipped below Rs 72, retailing at Rs 71.90 compared to Rs 72.18. Diesel in the city was sold at Rs 70.50 per litre today. In Noida, petrol prices dipped below Rs 72 mark today. It was sold at Rs 71.90. Diesel in the city was sold at Rs 66.25 compared to Rs 66.59 per litre on Friday.

Petrol can further go down by Rs. 3. Anuj Gupta, who is the Deputy Vice President of Angel Broking House said, “Petrol and diesel prices can further go down by Rs. 3 due to the continuous decline in the international crude oil price, which slashed down by USD 27 per barrel. This is the first time since four years that the price of the brent crude oil has come this low.”

“Due to fall in the crude oil price, the value of rupee is also appreciating which is helping the country in maintaining the current account,” he added.

Besides, petrol prices have been decreased by Rs 13.25 per litre since the month of October and diesel prices have come down by Rs. 9.60 per litre.