Fuel Prices Cut By Up To 50 Paise Per Litre In Metros

Fuel rates were further slashed by up to 50 paise per litre across the four metro cities on Sunday by OMCs (oil marketing companies). Petrol was priced at Rs. 74.84 per litre in Delhi, Rs. 76.82 per litre in Kolkata, Rs. 80.38 per litre in Mumbai and Rs. 77.69 per litre in Chennai, according to Indian Oil Corporation (IOC). Diesel rates stood at Rs. 69.70 per litre in Delhi, Rs. 71.55 per litre in Kolkata, Rs. 72.99 per litre in Mumbai and Rs. 73.63 per litre in Chennai. 

On Saturday, petrol was priced at Rs. 75.25 per litre in Delhi, Rs. 77.22 per litre in Kolkata, Rs. 80.79 per litre in Mumbai and Rs. 78.12 per litre in Chennai. 

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. The government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly.

Globally, oil prices slumped more than 6 per cent to the lowest in more than a year on Friday amid fears of a supply glut even as major producers consider cutting output, reported news agency Reuters. 

Brent crude fell $3.13, or 5 per cent, to $59.47 a barrel in intraday trade, after earlier touching $58.41, its lowest since October 2017.