State-run oil marketing companies slashed petrol and diesel prices on Monday, marking a fifth consecutive day of reduction in the fuel rates. With effect from 6 am on Monday, the price of petrol was at Rs. 70.43 per litre in Delhi, Rs. 72.68 per litre in Kolkata, Rs. 76.12 per litre in Mumbai and Rs. 73.17 per litre in Chennai, according to notifications from Indian Oil Corporation (IOC). Petrol prices were cut by 13 paise per litre in the four metros compared to the previous day's rates, data from Indian Oil showed.
The rate of diesel was at Rs. 64.39 per litre in Delhi, Rs. 66.31 per litre in Kolkata, Rs. 67.51 per litre in Mumbai and Rs. 68.11 per litre in Chennai. In Delhi and Kolkata, the prices were cut by 11 paise per litre each compared to Sunday's rates. The rates in Mumbai and Chennai were decreased by 12 paise per litre each.
State-run oil marketing companies review the domestic fuel prices on a daily basis and any revisions are implemented at the fuel stations with effect from 6 am.
The domestic fuel prices are determined broadly by the global crude oil and rupee-dollar forex rates.
Globally, oil prices rose on Monday after Saudi Arabia said producer club OPEC (Organization of the Petroleum Exporting Countries) and Russia should restrict supplies to current levels, while Washington's withdrawal of a tariff threat against Mexico removed a cloud over the global economy, reported news agency Reuters.
Front-month Brent crude futures - the global benchmark for crude oil - were at $63.61 in intraday trade, 32 cents, or 0.5 per cent, above Friday's close.
(With agency inputs)