Petrol and diesel prices were cut across the metros by oil marketing companies on Sunday. Petrol is priced at Rs. 71.50 per litre in New Delhi, Rs. 73.71 per litre in Kolkata, Rs. 77.16 per litre in Mumbai and Rs. 74.27 per litre in Chennai, according to state-run Indian Oil Corporation's (IOC) website. Petrol prices were decreased by 12 paise per litre in Delhi and Chennai compared to the previous day's rates. In Kolkata and Mumbai, the prices were cut by 3 paise and 16 paise per litre respectively.
Diesel rates were at Rs. 66.16 per litre in New Delhi, Rs. 68.06 per litre in Kolkata, Rs. 69.37 per litre in Mumbai and Rs. 69.98 per litre in Chennai. In Delhi and Kolkata, the prices were slashed by 20 paise and 15 paise per litre respectively. In Mumbai and Chennai, the rates were cut by 21 paise per litre.
State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum review 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 slumped over 3 per cent on Friday and posted its biggest monthly drop in six months, after US President Donald Trump stoked global trade tensions by threatening tariffs on Mexico, a key US trade partner and major supplier of crude oil, reported news agency Reuters.
Brent crude futures fell $2.38, or 3.6 per cent, to settle at $64.49 a barrel. US West Texas Intermediate (WTI) crude futures fell $3.09 to $53.50 a barrel, a 5.5 per cent loss.
Brent touched a session low of $64.37 a barrel, lowest since March 8. WTI hit $53.41 a barrel, weakest since February 14.
(With agency inputs)
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