Petrol, Diesel Prices Fall By 19-20 Paise Per Litre Across Metro Cities

Petrol and diesel prices were reduced by 19-20 paise per litre across major metro cities on Sunday. In Delhi, petrol was sold at Rs 76.91 per litre and diesel rate stood at Rs 71.74 per litre with effect from 6:00 am on Sunday, according to state-run Indian Oil Corporation. In Mumbai, petrol and diesel prices were Rs 82.43 per litre and Rs 75.16 per litre respectively. Petrol rates in Kolkata and Chennai were decreased to Rs 78.85 per litre and Rs 79.87 per litre respectively. 

Diesel prices stood at 73.60 per litre and 75.82 per litre in Kolkata and Chennai respectively on Tuesday.

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.

State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis. Government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly.

Globally, oil prices ended slightly firmer after volatile trading on Friday, supported by expectations that the Organisation of the Petroleum Exporting Countries (OPEC) would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns. Benchmark Brent crude settled up 14 cents, or 0.2 per cent, at $66.76 a barrel. The global benchmark fell 4.6 per cent in the week, the sixth consecutive decline, reported news agency Reuters.

(With inputs from agencies)