A day after the Budget, petrol and diesel prices were further cut on Sunday as international crude oil markets got hammered due to slump in demand because of coronavirus scare in China. The price of petrol was cut by 9 paise and that of diesel by 8 paise across all major cities on Sunday.
The petrol now costs Rs 73.10 a litre in Delhi, Rs 78.75 a litre in Mumbai, Rs 75.77 a litre in Kolkata and Rs 72.95 a litre in Chennai after the price cut.
Similarly, diesel costs Rs 66.14 a litre in Delhi, Rs 69.36 a litre in Mumbai, Rs 68.54 per litre in Kolkata and Rs 69.89 a litre in Chennai, according to the Indian Oil Corporation website.
This is the fourth consecutive day petrol and diesel prices were cut across all major cities.
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.