Fuel prices today: Cuts in petrol, diesel prices continue for fourth week

The prices of key transport fuels -- petrol and diesel -- continued to fall on Sunday thanks to lower global crude oil prices.

According to the Indian Oil Corp data, petrol was priced at Rs 77.73 per litre (decrease by Rs 0.16) in the national capital on Sunday.

Petrol prices fell by 16 paise to Rs 83.24 per litre in Mumbai, Rs 79.65 (decrease by 16 paise) in Kolkata and Rs 80.73 (down by 17 paise) in Chennai on Sunday.

In tandem with petrol, the cost of diesel declined by 12 to 13 paise on Sunday across the four metros.

The price of diesel in Mumbai was down at Rs 75.92 per litre (down by 13 paise).

Similarly, prices of diesel in Delhi, Kolkata and Chennai declined to Rs 72.46 per litre (down by 12 paise), Rs 74.32 (down by 12 paise) and Rs 76.59 (down by 13 paise) a litre respectively.

As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.

Prices vary from region to region due to local taxes, as the products are excluded from the GST regime. Delhi has the lowest tax rate among the four metros.

The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a recovery in the rupee against the US dollar.

On Friday, the UK Brent crude traded at around $70 per barrel, from a recent high of over $86.

Earlier last month, the Centre announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies had been mandated to reduce the prices of petrol and diesel by Re 1 a litre.

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