Petrol, Diesel Prices Cut After Three Hikes In A Row
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:
| City | Petrol | Diesel |
|---|---|---|
| Delhi | 75.90 | 69.11 |
| Kolkata | 78.48 | 71.48 |
| Mumbai | 81.49 | 72.47 |
| Chennai | 78.86 | 73.04 |
| 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.