Continuing its downward trend, petrol and diesel prices were cut for the sixth straight day by oil-marketing companies on Tuesday. Petrol is priced at Rs. 71.18 per litre in New Delhi, Rs. 73.25 per litre in Kolkata, Rs. 76.79 per litre in Mumbai and Rs. 73.88 per litre in Chennai, according to state-run Indian Oil Corporation’s (IOC) website, iocl.com. Petrol prices were cut by 25 paise per litre in Delhi, Kolkata and Mumbai. In Chennai, the prices were decreased by 26 paise per litre.
Diesel rates were at Rs. 65.86 per litre in New Delhi, Rs. 67.61 per litre in Kolkata, Rs. 69 per litre in Mumbai and Rs. 69.61 per litre in Chennai. Diesel prices were cut by 12 paise per litre in Delhi and Kolkata. In Mumbai and Chennai, the prices were cut by 13 paise per litre.
State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.
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. This is because a large proportion of country’s requirement is met through imports.
Globally, oil was mixed on Tuesday as tensions in the Gulf appeared to stop short of a military showdown and both sides in the US-China trade talks sounded conciliatory notes, signalling that a breakdown might be avoided, reported news agency Reuters.
Brent crude futures were at $70.40 a barrel in intraday trade, up 38 cents or 0.24 per cent. Brent ended the previous session down 0.6 per cent.
US West Texas Intermediate (WTI) crude futures were at $60.92 per barrel, down 12 cents or 0.2 per cent. WTI closed down 1 per cent on Monday.