Fuel Rate Cuts: Petrol, Diesel Now Cheaper By Rs 10, Rs 7 To Reach Eight, Three Month Lows Respectively A petrol pump in Mayur Vihar, New Delhi, India. (Sushil Kumar/Hindustan Times via GettyImages)

In line with the regular price cuts in the last month, petrol price dropped to an eight-month low and diesel touched a three-month low. Petrol saw a price cut of 33 paise and diesel saw a price cut of 36 paise, as reported by Livemint.

Petrol price dropped lower than Rs 74 to stand at Rs 73.24 in Delhi, Rs 78.80 in Mumbai, Rs 76.01 in Chennai, Rs 75.24 in Calcutta and Rs 73.81 in Bengaluru.

Diesel price in Delhi is at a three month low at Rs 68.13 per litre. It costs Rs 71.33 in Mumbai, Rs 71.95 in Chennai, Rs 68.48 in Bengaluru and Rs 69.98 in Kolkata.

The petrol and diesel prices have dropped down by Rs 10 and Rs 7 in the past six weeks. The price difference between petrol and diesel has narrowed down in the last few months due to the difference in international benchmark rates.

On 4 October, petrol touched a record high of Rs 84 per litre in Delhi region and Rs 91.34 in Mumbai Region. Diesel too had peaked to an all-time high of Rs 75.45 in Delhi and Rs 80.10 in Mumbai.

International crude oil prices are seeing a bearish season. Oil prices raised by 1 per cent today which ended yesterday with a 2.5 per cent loss. US crude oil futures are close to $50 per barrel, and Brent crude oil is trading below $60 mark

Oil companies in India take into account 15-day moving average price of crude oil to tweak the price of petrol and diesel.

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