Prices of petrol and diesel were slashed across the four metro cities on Sunday by oil-marketing companies. Petrol is priced at Rs. 73.07 per litre in New Delhi, Rs. 75.11 per litre in Kolkata, Rs. 78.66 per litre in Mumbai and Rs. 75.87 per litre in Chennai, according to state-run Indian Oil Corporation's (IOC) website, iocl.com. Petrol prices were decreased by 6 paise per litre in Delhi and by 4 paise per litre in Kolkata. In Mumbai and Chennai, the prices were cut by 5 paise per litre.
Diesel rates stood at Rs. 66.66 per litre in New Delhi, Rs. 68.40 per litre in Kolkata, Rs. 69.81 per litre in Mumbai and Rs. 70.43 per litre in Chennai. Diesel rates were slashed by 5 paise per litre in all the metros.
(Diesel rates were slashed by 5 paise per litre in all the metros)
State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.
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.
Globally, oil prices inched up on Friday as strong US economic data boosted demand sentiment and as production losses in sanctions-hit Iran and Venezuela tightened the market. Still, oil futures recorded weekly declines after a jump in US crude inventories reported this week, reported news agency Reuters.
Brent crude oil futures settled at $70.85 a barrel, rising 10 cents. The global benchmark shed 2.6 per cent for the week, breaking a five-week winning streak.
US West Texas Intermediate (WTI) crude futures closed at $61.94 a barrel, up 13 cents, while losing about 3 per cent during the week, its second straight weekly decline.
(With agency inputs)
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