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Fuel prices fall for second straight day, petrol at Rs 70.92/litre in Delhi

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Petrol prices have been trading below Rs 80 per litre mark while diesel prices are below Rs 70 per litre mark across major cities.

Fuel prices fall for second straight day, petrol at Rs 70.92/litre in Delhi
Fuel prices fell for the second consecutive session on Friday, with petrol at Rs 70.92 per litre and diesel at Rs 65.55 per litre in New Delhi, the lowest among the four major metro cities.
Petrol prices have been trading below Rs 80 per litre mark while diesel prices are below Rs 70 per litre mark across major cities.
According to the Indian Oil Corp data, petrol prices in Kolkata, Mumbai and Chennai were at Rs 72.97 per litre, Rs 76.50 per litre and Rs 73.57 per litre, respectively, while diesel stood at Rs 67.28 a litre in Kolkata, Rs 68.59 a litre in Mumbai and Rs 69.19 a litre in Chennai.
Petrol prices have declined by more than Rs 11.79 per litre and diesel by Rs 10.76 per litre in a little over a month in Mumbai on softer international rates.  In New Delhi, the prices have fallen Rs. 11.91 per litre for petrol and Rs 10.14 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.
Retail pump price is calculated after adding central excise duty, dealers commission and VAT to the base price. While excise duty is fixed at Rs 17.98 per litre in case of petrol and Rs 13.83 a litre in diesel and do not change with any variation in base price, the incidence of VAT in most states changes as the levy is ad valorem or a percentage of the total of the base price plus central excise duty.
 
(With inputs from agencies)
 
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