Petrol and diesel rates were reduced in metros on Monday - a fifth consecutive downward revision. In Delhi, Mumbai, Kolkata and Chennai, the prices of petrol and diesel were reduced by 10-20 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 74.98 per litre and diesel Rs 68.26 per litre with effect from 6 am on Monday, according to the country's largest fuel retailer, Indian Oil Corporation. In Mumbai, the prices of petrol and diesel were Rs 80.58 per litre and Rs 71.57 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 Monday:
|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 prices steadied on Friday as sluggish economic growth in China, the world's biggest crude importer, raised concerns over fuel demand and countered optimism from the signing of a China-US trade deal. Brent crude futures - the global benchmark for crude oil - rose by 23 cents to $64.85 a barrel.
The rupee weakened by 15 paise to settle at 71.08 against the US dollar on Friday, declining for a second straight day.