Petrol prices slipped below the Rs 71 mark for the first time in eight months on Monday, 9 March, as India looks set to reap a windfall from a price war among oil producers leading to international crude prices crashing by their biggest margin since the 1991 Gulf war.
In Delhi, petrol prices dropped to Rs 70.59 a litre, the lowest since early July 2019, and diesel rates were cut to Rs 63.26, according to a price notification of state-owned firms.
Fuel prices have been on the decline since 27 February on international trends. Petrol prices have all fallen by Rs 1.42 a litre since then and diesel rates have dropped by Rs 1.44 per litre.
United diagnosticss
A weaker rupee means India pays more for buying the same amount of commodity from overseas. It will also help to lower the inflation rate.
According to the oil ministry’s petroleum planning and analysis cell, India is likely to pay USD 105.58 billion or Rs 7.43 lakh crore on import of 225 million tonnes of crude oil in the fiscal year 2019-20, which ends this month. This compares to USD 111.9 billion (Rs 7.83 lakh crore) paid for import of 226.5 million tonnes of oil in 2018-19.
