Fuel prices declined for the 12th consecutive session on Monday, with petrol trading below Rs 80 per litre mark and diesel below Rs 70 per litre mark across all major cities.
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In Mumbai, petrol is priced at Rs 77.50 per litre, while diesel stands at Rs 69.77 per litre.
According to the Indian Oil Corp data, petrol prices in New Delhi, Kolkata and Chennai were at Rs 71.93 per litre, Rs 73.96 per litre and Rs 74.63 per litre, respectively, while diesel stood at Rs 66.66 a litre in New Delhi, Rs 68.39 a litre in Kolkata and Rs 70.38 a litre in Chennai.
Petrol prices have declined by more than Rs 10.79 per litre and diesel by Rs 9.58 per litre in a little over a month in Mumbai on softer international rates. In New Delhi, the prices have fallen Rs. 11.20 per litre for petrol and Rs 9.03 per litre for diesel since October 17.
Global crude oil prices, on the other hand, have lost nearly 30 percent from the peak of $86.70 a barrel hit on October 3.
As per the country's pricing mechanism, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.
India's imports of Iranian oil dropped the least, falling just 0.2 percent from the same month last year to 466,400 bpd. Most Indian refiners boosted purchases from Iran ahead of the US sanctions as Iran was offering almost free shipping and extended credit periods, according to oil analysts.
(With inputs from agencies)
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