August has opened on a good note for motorists in India. With effect from midnight of July 21-August 1, oil marketing companies have reduced the price of petrol by Rs 1.42 a litre and that of diesel by Rs 2.01 a litre. The differential between the two fuels has now come down to Rs 8.23 a litre.  

With the latest change in prices, which are carried out every fortnight, petrol in Mumbai now costs Rs 65.70 a litre, Rs 61.09 in Delhi, Rs 64.97 in Kolkata and Rs 60.65 in Chennai.

Those tanking up on diesel will now have to pay Rs 57.47 in Mumbai, Rs 61.09 in Delhi, Rs 54.57 in Kolkata and Rs 53.73 in Chennai. It’s a lost less than their counterparts in the UK, who currently have to pay £1.13 per litre (Rs 99.87) of diesel – the highest in Europe – or in Lithuania £0.74 (Rs 65.40), which is  the lowest in Europe.  

Petrol-Diesel price differential

With the latest price change, the price differential between the two fuels now stands at Rs 8.23. It was at its lowest in the previous fortnight at Rs 7.51.

In the January-July 2016 period, the price differential was at its highest for the second fortnight of January – at Rs 14.84 a litre. Since then, it has narrowed down substantially. See the table below.