India markets closed

Petrol, diesel prices cut for fifth consecutive day

New Delhi: Fuel prices dropped further for the fifth consecutuve day on Monday as international crude prices fell due to demand slump. The Price of petrol was cut by 13-16 paise a litre and that of diesel by 16-20 paise a litre across all major cities in India.

The petrol now costs Rs 72.10 a litre in Delhi, Rs 77.76 a litre in Mumbai, Rs 74.74 a litre in Kolkata and Rs 74.90 a litre in Chennai. Similarly, diesel costs Rs 65.07 a litre in Delhi, Rs 68.19 a litre in Mumbai, Rs 67.39 per litre in Kolkata and Rs 68.72 a litre in Chennai, according to the Indian Oil Corporation website. The fuel prices in India have so far become cheaper by around Rs 3 a litre since January 1.

Crude oil prices continued to decline as spectre of excess supply loomed over the market as demand in China was hit by the outbreak of coronavirus which has killed over 900 people so far.

The retail prices of fuel are dependent on the international crude prices and the rupee-US dollar exchange rate as India imports almost 80 per cent of its crude requirements. Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 a.m.