Petrol prices drop nearly 15% from record levels reached in October; Delhi and Chennai record most decline

New Delhi: Petrol prices across the four metros have declined by nearly 15 percent from the record high levels they had reached in October. In Delhi, petrol was priced at Rs 70.70 per litre, lower by 14.64 percent from the all-time high of Rs 82.83, recorded on 16 and 17 October, data from the IndianOil Corp’s website showed. On Friday, the petrol price in the national capital was Rs 70.92 per litre. In the other metros of Kolkata, Mumbai and Chennai, the cost of petrol has declined 14.05 percent, 13.60 percent and 14.83 percent, respectively from the highs reached on October 16 at Rs 72.75, Rs 76.28 and Rs 73.33 per litre on Saturday. On Friday, prices in the respective cities were Rs 72.97, Rs 76.50 and Rs 86.10 per litre. The slide in domestic fuel prices comes in line with the recent decline in crude oil prices due to high supplies. However, as the Organisation of Petroleum Exporting Countries (OPEC) on Friday decided to reduce its oil supply by 1.2 million barrels per day for the first half of 2019, prices may see an up-turn leading to a reversal in India’s domestic fuel prices movement. The decline in diesel prices so far has been nearly 14 percent from the highs touched in October. In Delhi, the fuel was sold for Rs 65.30 per litre, 13.72 percent lower than the all-time high of Rs 75.69, recorded on October 16 and 17. 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. In the past week, the local currency gained Rs 1.21 from its previous week’s close of Rs 69.59. The rupee closed at 70.80 a dollar on Friday.