The oil marketing companies (OMCs) slashed fuel rates by up to 18 paise per litre on Saturday across the four metro cities. In Delhi, petrol was sold at Rs 77.89 per litre on Saturday, according to Indian Oil Corporation (IOC). Petrol rates in Mumbai, Kolkata and Chennai were decreased to Rs. 83.40 per litre, Rs 79.81 per litre and Rs 80.90 per litre respectively, with effect from 6 am on Saturday. Diesel prices stood at Rs 72.58 per litre, Rs 76.05 per litre, Rs 74.44 per litre and Rs 76.72 per litre in Delhi, Mumbai, Kolkata and Chennai respectively.
Here are 10 things to know about petrol prices, diesel rates:
1. Globally, oil prices fell to multi-month lows on Friday as global supply increased and investors worried about the impact on fuel demand of lower economic growth and trade disputes.
2. Benchmark Brent crude fell 47 cents or 0.7 per cent to settle at $70.18 a barrel.
3. During the session Brent fell below $70 a barrel for the first time since April, as much as 20 per cent off four-year highs reached in October.
4. Brent slumped about 3.6 percent for the week and more than 15 percent this quarter.
5. On domestic front, except November 7, petrol and diesel prices have been on the decline since October 18.
6. Earlier, petrol price had touched a record high of Rs. 84 per litre in Delhi and Rs. 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs. 75.45 a litre in Delhi and Rs. 80.10 in Mumbai.
7. On October 4, the Central government announced a cut of Rs. 2.50 a litre each for petrol and diesel and urged state governments to match the reduction to provide relief from high fuel prices. After the central government's decision, several states followed the suit.
8. The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate.
9. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.
10. Government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly.