Petrol and diesel prices were cut for a fifth straight day on Monday across the four metro cities of Delhi, Kolkata, Mumbai and Chennai. Petrol prices were cut by 13 paise per litre in Delhi and Mumbai, by 14 paise per litre in Chennai and by 18 paise per litre in Kolkata, according to state-run refiner Indian Oil's website https://www.iocl.com. Diesel prices were also cut by the state-run oil refiner by 17 paise per litre in Chennai and Mumbai, by 20 paise per litre in Kolkata and by 16 paise per litre in Delhi.
Check the latest price of petrol and diesel per litre across metro cities of Delhi, Kolkata, Mumbai and Chennai:
|Source: Indian Oil|
In the last five days, petrol prices have been cut by 88 paise per litre in Delhi, by 91 paise per litre in Kolkata, by 87 paise per litre in Mumbai and by 93 paise per litre in Chennai. Diesel prices have been reduced by 97 paise per litre in Delhi, by 1.02 rupee per litre in Kolkata, by 1.03 rupee per litre in Mumbai and by 1.04 rupee per litre in Chennai.
Currently, the prices of petrol and diesel vary from city to city depending on local taxes. Oil marketing companies such as the state-run Indian Oil Corporation review the rates on a daily basis and adjust the rates depending on crude oil prices overseas and rupee-dollar foreign exchange rate.
Any revision in the fuel prices is implemented at the petrol pumps at 6:00 am every day.
Oil prices edged down on Monday but held recent ranges as traders assessed China's oil demand following the coronavirus outbreak and awaited a decision by major producers to cut output further to balance markets.
Oil is off more than 20 per cent from January peaks after a spreading virus hit demand in the world's largest oil importer and fuelled concerns of excess supplies.
Brent crude slipped to $53.63 a barrel in early Asian trade, the lowest since January 2019, before recovering to $54.37.
The rupee appreciated by 8 paise to 71.32 against the US dollar on Monday amid easing crude oil prices and weakening of the American dollar in the overseas market.