New Delhi: Following regular price cuts during the last 40 days, diesel is now at its cheapest in the last 3 months while petrol price is at an 8-month low level. Petrol price was today cut down by 33 paise and diesel by 36 paise. Petrol price is now below the ₹ 74 mark for the first time in the last 8 months. A litre of petrol costs ₹ 73.24 in Delhi, ₹ 78.80 in Mumbai, ₹ 73.81 in Bengaluru, ₹ 76.01 in Chennai and ₹ 75.24 in Kolkata.

Diesel, on the other hand, costs ₹ 68.13 per litre in Delhi, ₹ 71.33 in Mumbai, ₹ 68.48 in Bengaluru, ₹ 71.95 in Chennai and ₹ 69.98 in Kolkata. Diesel price in Delhi is now at its lowest since the last 3 months.

If the last six weeks are taken into account, petrol and diesel prices are down by about ₹ 10 and ₹ 7 respectively. The gap between petrol and diesel price has narrowed down in the last few months due to difference in international benchmark rates for the two fuels.

Petrol price had touched a record high of ₹ 84 per litre in Delhi and ₹ 91.34 in Mumbai on October 4. Diesel on that day had peaked to an all-time high of ₹ 75.45 a litre in Delhi and ₹ 80.10 in Mumbai.

Prices had started to climb from August 16. Petrol in Delhi was priced at ₹ 77.14 per litre and in Mumbai it cost ₹ 84.58 on August 15. Diesel on that day was priced at ₹ 68.72 per litre in Delhi and at ₹ 72.96 in Mumbai.

International crude oil prices have been struggling to come out of a bear market to a supply glut. Oil prices climbed 1% this morning after ending yesterday with a 2.5% loss. US crude futures are now close to the $50 barrel mark, a price last seen over a year ago. International benchmark Brent crude are trading below $60.

Global crude oil rates have a direct effect on petrol, diesel price in India as a 15-day moving average of crude prices is taken into consideration by oil companies.

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