Oil-marketing companies cut petrol and diesel rates across the four metro cities on Sunday for the fourth straight day.
Petrol is priced at Rs. 71.73 per litre in New Delhi, Rs. 73.79 per litre in Kolkata, Rs. 77.34 per litre in Mumbai and Rs. 74.46 per litre in Chennai, according to state-run Indian Oil Corporation’s (IOC) website, iocl.com. Petrol prices were cut by 42 paise per litre in Delhi and Kolkata.
In Mumbai and Chennai, the prices were slashed by 41 paise and 44 paise per litre, respectively.
Diesel rates stood at Rs. 66.11 per litre in New Delhi, Rs. 67.86 per litre in Kolkata, Rs. 69.27 per litre in Mumbai and Rs. 69.88 per litre in Chennai. Diesel prices were decreased by 17 paise per litre in Delhi. In Kolkata, Mumbai and Chennai, the prices were cut by 18 paise per litre.
State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.
As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee. This is because a large proportion of country’s requirement is met through imports.
Globally, Brent crude oil settled 23 cents, or 0.4 per cent, higher at $70.62 a barrel, but posted a weekly loss of 0.3 per cent.
US West Texas Intermediate (WTI) crude futures ended 4 cents lower at $61.66, with a weekly loss of 0.5 per cent.