Fuel prices continued its downward trend on Friday after halting for a day on Thursday with petrol and diesel at Rs 86.33 a litre and Rs 78.33 a litre, respectively in Mumbai.
In New Delhi, Kolkata and Chennai, petrol was at Rs 80.85 per litre, Rs 82.71 per litre and Rs 84.02 per litre, respectively, while diesel stood at Rs 74.73 a litre in New Delhi, Rs 76.58 per litre in Kolkata and Rs 79.02 a litre in Chennai.
As per the country's pricing mechanism, the domestic fuel prices depend on international fuel prices on a 15-day average besides the value of the rupee.
Oil prices eased on Friday and were heading for a third weekly loss after Saudi Arabia’s OPEC governor said the market could be heading into oversupply, as growth concerns took a hit with a slump in global equities this week.
Brent crude futures were down 45 cents, or 0.6 percent, at $76.44 a barrel. The global benchmark is heading for a weekly loss of 4.2 percent.
Since mid-August, petrol and diesel prices have been on the rise. This has been the longest, in the recent past, that the fuel prices have been slashed. Various factors including rupee depreciation, high excise duty and rise in Brent crude oil rates have led to soaring domestic fuel prices.
Earlier this month, the government reduced excise duty on petrol and diesel by Rs 1.50 per litre and said the oil marketing companies (OMC) will absorb the impact to the tune of Re 1 per litre.
With Inputs from agencies
First Published: IST