Petrol and diesel rates were reduced in metros on Thursday after a day's break as crude oil rates declined. In Delhi, Mumbai, Kolkata and Chennai, the prices of petrol and diesel were reduced by 16-20 paise per litre on January 20 compared with the previous day's rates, according to Indian Oil Corporation. In Delhi, the price of petrol was Rs 74.65 per litre and diesel Rs 67.86 per litre with effect from 6 am on Thursday, January 23, according to the country's largest fuel retailer, Indian Oil Corporation. In Mumbai, the prices of petrol and diesel were Rs 80.25 per litre and Rs 71.15 per litre respectively, according to Indian Oil.
Here are the latest prices of petrol and diesel in the metros with effect from 6 am on Thursday, January 23:
|Source: Indian Oil|
Currently, oil marketing companies such as state-run Indian Oil review the domestic rates of petrol and diesel on a daily basis and implement any changes at fuel stations with effect from 6 am. (Also read: How to find out latest petrol diesel prices in SMS)
The domestic retail prices of the fuels are determined broadly by the international crude oil prices and the rupee-dollar exchange rate.
Crude oil futures tumbled to seven-week lows amid warning of a surplus by the International Energy Agency. Brent crude futures - the benchmark for crude oil - slumped 1.55 per cent to $62.26 per barrel - their lowest level recorded since December 4.
The rupee remained nearly unchanged at 71.22 against the US dollar in early trade on Thursday, compared with its previous close of 71.19.