Here are five things to know on petrol and diesel prices today:
1. The three days of marginal reduction in prices follow sixteen days of consecutive hikes, on the back of increase in global crude oil prices and weakness in the rupee against the US dollar. The government had said that it was considering both long-term and short-term solutions to soaring domestic fuel prices.
2. In the international market, crude oil rates prices swerved between $74.49, a three-week low, to $78.75 this week on speculation towards output by major oil-producing nations. Prices had last month touched 2014 highs around $80 a barrel, leading to the rise in domestic fuel prices.
3. Last month, petrol and diesel prices went by Rs. 3.72 a litre in Delhi, Rs.3.66 a litre in Kolkata, Rs. 3.68 a litre in Mumbai and Rs. 3.92 a litre in Chennai. Diesel prices were increased by Rs. 3.32 a litre, Rs. 3.17 per litre, Rs. 3.53 a litre and Rs. 3.56 a litre during this period respectively.
5. India meets more than 80 per cent of its oil requirement through imports. That makes crude oil the most expensive item on the country’s import bill. Weakness in the rupee against the US dollar also puts pressure on domestic petrol and diesel prices. The rupee is down more than 6 per cent against the greenback so far this year.