Petrol, Diesel Prices Cut For Fifth Straight Day

Petrol and diesel prices were lowered by 12-13 paise per litre on Monday compared to the previous day's prices. That marked a fifth straight day of downward revision in domestic fuel prices. With effect from 6 am, the price of petrol was revised to Rs 73.76 per litre in Delhi from Rs 73.89 per litre the previous day, data from Indian Oil Corporation showed. The price of diesel was lowered to Rs 66.91 per litre in the national capital, from Rs 67.03 per litre the previous day. (Also read: How to receive today's petrol and diesel rates in your city through SMS)

In Mumbai, the price of petrol stood at Rs 79.37 per litre and diesel at Rs 70.14 per litre on Monday, according to notifications from Indian Oil Corporation. The petrol and diesel rates were Rs 79.5 per litre and Rs 70.27 per litre in the city the previous day. 

Currently, the prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis, and any revisions implemented at fuel stations with effect from 6 am. 

The domestic petrol and diesel prices are determined broadly by the international crude oil prices and the rupee-dollar exchange rates. 

The rupee declined by as much as 20 paise to 71.09 against the US dollar on Monday. It was last seen trading at 71.03, down 0.20 per cent from its previous close of 70.89.

Crude oil prices were little changed on Monday, with Brent crude futures - the global benchmark - down 1 cent at $58.36 a barrel.

Brent crude futures had hit $71.95 per barrel last month after an attack on Saudi Arabian oil facilities shut about 5 per cent of global supply. A faster-than-expected resumption in Saudi Arabia's production since then has exerted downward pressure on oil prices.

The price of petrol has been reduced by a cumulative 85 paise per litre - or 1.14 per cent - in Delhi over a period of five days. The rate of diesel has been lowered by 58 paise per litre - or 0.86 per cent - in the national capital during this period.