With 2018 drawing to a close, the beleaguered Indian motorist and the automotive industry have good reason for cheer. While India citizens have had to suffer wallet-burning fuel prices for most of 2018, the end of the year has seen prices steadily declining thanks to a similar decrease in the cost of global crude oil.
As of December 31, 2018, petrol prices in Mumbai have dropped to its lowest this year at Rs 74.47 per litre. At this price, a litre of petrol costs Rs 3.40 less than it cost on January 1, 2018, at Rs 77.87 per litre. When compared to the price of petrol on October 4, today’s price is a whopping Rs 16.87 less!
Diesel now costs Rs 65.76 a litre – while not the lowest, this price is a fair bit below the highs it scaled in 2018. On January 1, 2018 diesel cost Rs 63.35 a litre and rose to its highest, like petrol, on October 4 to Rs 80.10. The price differential between the two fuels as of today is Rs 8.71 a litre.
For reference, 2017 began with petrol being priced at Rs 76.91 per litre and ended at Rs 77.87 with the highest being Rs 79.99 a litre on October 3, 2017. The lowest price at which the fuel was sold in 2017 was Rs 72.66 per litre on April 1, 2017.
In 2014, the highest price that petrol had scaled to was Rs 82.07 per litre. The lowest price that motorists paid was Rs 62.75 on March 10, 2016. As per our sister publication Autocar Professional’s analysis of fuel prices since then, the price of petrol has not fallen below the Rs 65 a litre mark and has continuously marched upwards.
Even as motorists will tank up with a smile today and in 2019, there clearly is scope for a higher level of price cuts on petrol and diesel given the high level of state and central taxes on fossil fuels.