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Fuel prices continue downslide

Fuel prices continue downslide
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New Delhi: For a fourth consecutive day, the oil marketing companies (OMCs) cut petrol prices on Sunday. The petrol price now stands at Rs 75.79 in New Delhi, Rs 78.47 in Kolkata, Rs 83.44 in Mumbai and Rs 78.65 in Chennai, as shared by Indian Oil Corporation (IOC) on its website.

Petrol rates also went down in other states as well.

The revised prices for diesel are Rs 67.54 for Delhi, Rs 70.09 for Kolkata, Rs 71.76 for Mumbai and Rs 71.29 for Chennai.

Transport fuel prices have largely been on the downside since May 30, although with a nominal decline on a daily basis.

Petrol and diesel prices have been cut on a regular basis. In last seven days, petrol prices dropped by Re 0.56 and by Re 0.99 in two weeks in Delhi. Similarly, diesel prices also dropped by Re 0.24 in past one week, and by Rs. 0.56 in two weeks.

Fuel prices in the country are largely determined by global crude oil prices, which have been on a downward trajectory for nearly a month now. The brent crude oil is currently priced around $74 per barrel, down from nearly $80 a barrel a month ago. (PTI)



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