In Delhi, petrol price today is Rs 96.72 per litre as opposed to Rs 105.41 per litre earlier to the excise duty cut, while diesel price stands at Rs 89.62 per litre against Rs 96.67 per litre prior. Today, petrol price in Mumbai costs Rs 106.31 per litre, while diesel price in Mumbai is Rs 94.27 per litre.
Public sector OMCs, such as Bharat Petroleum Corporation Ltd (BPCL), Indian Oil Corporation Ltd (IOCL) and Hindustan Petroleum Corporation Ltd (HPCL) set the fuel prices daily according to international benchmark prices and foreign exchange rates. Retail petrol and diesel prices differ from state to state because of local taxes like VAT or freight charges.
Crude oil price
On Thursday morning, crude oil prices were down amid global recession fear. Brent crude futures were at $93.32 a barrel, while WTI Crude was at $87.71 a barrel, according to Reuters.