Petrol prices touch new 2018 low

Domestic fuel prices fell around 30 paise on Saturday as the cost of petrol touched fresh low levels for 2018 across the four metros.

According to reports, in Delhi, petrol price was at Rs. 69.26 per litre, 29 paise down from the Friday's levels of Rs. 69.55 per litre. Cost of the fuel in Delhi fell below the Rs. 70 per litre mark on December 24 for the first time in the year since January.

On the other hand, in Kolkata, Mumbai and Chennai, prices of the fuel fell to new lows for the year at Rs. 71.37, Rs. 74.89 and Rs. 71.85 respectively, down from the previous levels of Rs. 71.65, Rs. 75.18 and Rs. 72.16 per litre.

The decline in domestic fuel prices comes amid the recent fall in global crude oil prices. 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.

Diesel prices also declined in line with petrol. In Delhi, Kolkata, Mumbai and Chennai, diesel prices fell to Rs. 63.32, Rs. 65.07, Rs. 66.25 and Rs. 66.84 respectively, from the previous levels of Rs 63.62, Rs 65.37, Rs 66.57, Rs 67.16 per litre.