Petrol Prices Cut For Second Straight Day, Diesel For Fourth

Petrol and diesel prices were reduced in metros on Sunday, March 1, marking a fourth straight downward revision in diesel rates and second in case of petrol. In Delhi, Mumbai, Kolkata and Chennai, the price of petrol was lowered by 15-18 paise per litre with effect from 6 am on Sunday compared with existing rates, whereas the diesel rate was eased by 20-26 paise per litre, according to Indian Oil Corporation, the country's largest fuel retailer. (Also Read: Here's How Much You Pay For Petrol And Diesel In Your City Today)

Here are the current prices of petrol and diesel in metros (March 1):

Currently, petrol and diesel rates vary in different parts of the country, depending on factors such as depending on taxes and transportation cost.

Oil marketing companies such as state-run Indian Oil Corporation review the rates on a daily basis, and adjust the domestic prices with effect from 6 am depending on crude oil and foreign exchange rates. 

International crude oil prices slumped for the sixth day in a row on Friday to their lowest in more than a year, as the spread of coronavirus stoked fears that a slowing global economy would hit energy demand.

Brent futures for April delivery lost $1.66 - or 3.2 per cent - to settle at $50.52 a barrel - its lowest close recorded since December 2018.

For the week, Brent - the global benchmark for crude oil - lost almost 14 per cent, its biggest weekly percentage decline since January 2016.

The rupee declined by 60 paise to shut shop at 72.21 against the US dollar on Friday, shedding 57 paise - or 0.80 per cent - for the week.