|Petrol (Rs per litre)|
|Diesel (Rs per litre)|
Here are 10 things to know on petrol and diesel rates on February 16:
1. Since February 7, petrol rates have been lowered by a cumulative 85-91 paise per litre including Friday's cut. Diesel rates have been cut by Rs 1.20-1.28 per litre during this period.
2. On February 7, petrol retailed at Rs 73.38 per litre in Delhi, Rs 76.07 per litre in Kolkata, Rs 81.24 per litre in Mumbai and Rs 76.12 per litre in Chennai. Diesel retailed at Rs 64.22 per litre, Rs 66.89 per litre, Rs 68.39 per litre and Rs 67.73 per litre respectively.
3. Since then, oil marketing companies have cut petrol and diesel rates in the four metros every day except February 14.
4. So far this year until Friday, petrol rates were up by Rs 2.55 per litre in Delhi, Rs 2.50 per litre in Kolkata, Rs 2.52 per litre in Mumbai and Rs 2.68 per litre in Chennai. Diesel rates were up by Rs 3.38 per litre in Delhi, Rs 3.38 per litre in Kolkata, Rs 3.84 per litre in Mumbai and Rs 3.62 per litre in Chennai.
5. Petrol and diesel rates are revised with effect from 6 am every day.
6. Petrol and diesel retailers in the country - with Indian Oil Corporation being the largest - adopted a daily price revision system from June 2017.
8. In the current scheme of petrol and diesel price revision, the prices of the two fuels are determined broadly by the global crude oil rates and the rupee-dollar exchange rate.
9. The recent turmoil in global financial markets has hit crude prices. Oil producers led by Saudi Arabia and Russia aim to draft an agreement on a long-term alliance by the end of this year, United Arab Emirates energy minister Suhail al-Mazroui said on Thursday.
10. OPEC and its partners, including Russia, have curbed supply since January 2017 to drain global stocks in an agreement that continues through the end of the year. Crude oil tends to move inversely to the dollar.
(With Reuters inputs)