On Friday, petrol price remained unchanged while diesel rate was cut by 5 paise a litre as per the details released by the state-owned Indian Oil Corporation (IOCL).
So now, a litre of diesel costs Rs 67.87 in Mumbai, and Rs 64.77 in Delhi, while a litre of petrol is priced at Rs 77.60 in Mumbai, and Rs 71.94 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 2, or 0.05 per cent, to Rs 3,660 per barrel with a business volume of 28,202 lots. Crude oil for March delivery was quoting lower by Rs 2, or 0.05 per cent, at Rs 3,689 per barrel with an open interest of 1,224 lots.
Analysts said the fall in crude oil futures was mostly due to trimming of positions by traders amid weak spot demand. However, globally, West Texas Intermediate crude oil traded 0.12 per cent up at USD 51.23 per barrel. While Brent Crude, the international benchmark, fell 0.07 per cent to trade at USD 55.75 per barrel in New York.
(Inputs from PTI)