Petrol and diesel prices were cut by oil marketing companies on Sunday, marking a fourth straight day of reduction in the fuel rates. With effect from 6 am on Sunday, the price of petrol was at Rs. 70.56 per litre in New Delhi, Rs. 72.81 per litre in Kolkata, Rs. 76.25 per litre in Mumbai and Rs. 73.30 per litre in Chennai, according to Indian Oil Corporation’s (IOC) website, iocl.com. Petrol prices were decreased by 16 paise in New Delhi, Kolkata and Mumbai compared to the previous day’s rates. In Chennai, the rates were slashed by 17 paise per litre.
On Sunday, the rate of diesel was at Rs. 64.50 per litre in New Delhi, Rs. 66.42 per litre in Kolkata, Rs. 67.63 per litre in Mumbai and Rs. 68.23 per litre in Chennai. In Delhi and Kolkata, the prices were slashed by 15 paise per litre compared to the previous day. In Mumbai and Chennai, the rates were cut by 16 paise per litre.
State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum review fuel prices on a daily basis, and any revisions are implemented at the fuel stations with effect from 6 am. The domestic fuel prices are determined broadly by the global crude oil and rupee-dollar forex rates.
Globally, oil prices rose nearly 3 per cent on Friday, climbing further from five-month lows hit this week, after Saudi Arabia said OPEC was close to agreeing to extend an output production cut beyond June and as Wall Street rallied, reported news agency Reuters.
Brent crude futures gained $1.62, or 2.6 per cent, to settle at $63.29 a barrel. US West Texas Intermediate (WTI) crude ended at $53.99 a barrel, up $1.40, or 2.7 per cent.
Brent posted its third weekly decline, dropping nearly 2 per cent, while WTI gained about 1 per cent for the week. On Wednesday both benchmarks hit their lowest since January.