Petrol, Diesel Prices Cut After Three Hikes In A Row

Currently, oil marketing companies review the domestic petrol and diesel rates on a daily basis and implement any changes at fuel stations with effect from 6 am.

Petrol, Diesel Prices Cut After Three Hikes In A Row

Currently, petrol and diesel prices vary from city to city depending upon local taxes

Petrol and diesel prices were lowered in metros on Sunday after three consecutive days of hike. With effect from 6 am on Sunday, January 12, the price of petrol was revised to Rs 75.90 a litre in Delhi and Rs 81.49 a litre in Mumbai, as against Rs 76.01 per litre and Rs 81.60 per litre respectively the previous day, according to Indian Oil Corporation. Currently, oil marketing companies such as state-run Indian Oil review the domestic rates of petrol and diesel on a daily basis and implement any changes at fuel stations with effect from 6 am.

Here are the latest prices of petrol and diesel in the metros with effect from 6 am on Sunday:

CityPetrolDiesel
Delhi75.9069.11
Kolkata78.4871.48
Mumbai81.4972.47
Chennai78.8673.04
Source: Indian Oil

The retail prices of the fuels are determined broadly by the international crude oil prices and the rupee-dollar exchange rate.

Brent crude futures - the global benchmark for crude oil prices - fell on Friday to register its first weekly loss since late November after easing of tensions between the US and Iran. Brent futures slid below the $65-per-barrel mark to end at $64.98 a barrel.

India meets more than 80 per cent of its crude oil requirements through imports.

Meanwhile, continuing its upwards momentum for the fourth session in a row, the rupee appreciated by 27 paise against the US dollar to settle at 70.94 on Friday.

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