After 16 days of consistent price hikes, the petrol prices in India were cut by about 60 paise a liter and diesel by 56 paise on Wednesday. This was due to the softening international oil rates and the strong Indian rupee.
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The latest petrol prices in metropolitan cities range between Rs. 77.83 to Rs.85.65. Mumbai has the highest fuel price at 85.65 followed by Chennai at 80.80 and Kolkata at 80.47. The petrol prices in Delhi stood at Rs.77.83 per liter. The cost of diesel per liter was the highest in Mumbai at 73.20 per liter, followed by Chennai at 72.58 and Kolkata at 71.30. The cost of diesel in Delhi stood at Rs.68.75 per liter.
The prices were increasing for the past 16 days since 14th May when the fuel retailers ended a 19 day pre Karnataka poll hiatus which led to a spike in the global oil rates. During that fortnight, the petrol price was increased by Rs. 3.8 per liter and diesel by Rs.3.38 per liter.
The fuel prices vary from one state to another depending on the local sales tax or VAT. Among all the metros, Delhi has the cheapest price while Mumbai has the highest price. The prices of petrol and diesel in the country are linked to Singapore gasoline prices and Arab Gulf diesel prices which track movements in crude oil prices. The oil price fell to $75 a barrel as Russia and Saudi Arabia were ready to ease the supply curbs that had led to the rise in crude prices since 2014.
Fuel retailers in India move their prices according to the changes in the global market.