Sharp cut in petrol, diesel prices on Monday

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Sharp cut in petrol, diesel prices on Monday

Last Updated : 02 Mar 2020 11:03:19 AM IST

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Even though international crude oil prices rose marginally due to expected production cut, the fuel prices saw further decline across all major cities in India on Monday.

The price of petrol was cut by 22-23 paise per litre and that of diesel by 20-21 paise per litre.

Petrol now costs Rs 71.49 per litre in Delhi, Rs 77.18 per litre in Mumbai, Rs 74.16 a litre in Kolkata and Rs 74.28 per litre in Chennai after the price cut.

Similarly, diesel costs Rs 64.10 a litre in Delhi, Rs 67.13 a litre in Mumbai, Rs Rs 66.43 a litre in Kolkata and 67.65 per litre in Chennai, according to Indian Oil Corporation website.

Brent crude was at $51.41 a barrel, up 91 cents, or 1.80 per cent, by 9.40 a.m. after earlier dropping to $48.40, the lowest since July 2017.

Saudi Arabia is expected to push for a million barrels per day cut this week due to slump in demand following the outbreak of coronavirus.

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.