Commodities

Fuel prices fall for 7th straight day, petrol at Rs 79.12/litre in Mumbai

Updated : November 28, 2018 08:04 AM IST

Petrol and diesel was priced at Rs 79.12 per litre, down 50 paise and Rs 71.71 per litre, down 42 paise, respectively in Mumbai.

Petrol prices have declined by more than Rs 9.17 per litre and diesel by Rs 7.64 in a little over a month in Mumbai on softer international rates.

Fuel prices dropped for the seventh consecutive session on Wednesday, with petrol and diesel prices trading below Rs 80 per litre mark across all major cities.

Petrol and diesel was priced at Rs 79.12 per litre and Rs 71.71 per litre, respectively in Mumbai.

According to the Indian Oil Corp data, petrol prices in New Delhi, Kolkata and Chennai were at Rs 73.57 per litre, Rs 75.57 per litre and Rs 76.35 per litre, respectively, while diesel stood at Rs 68.49 a litre in New Delhi, Rs 70.34 a litre in Kolkata and Rs 72.34 a litre in Chennai.

Petrol prices have declined by more than Rs 9.17 per litre and diesel by Rs 7.64 in a little over a month in Mumbai on softer international rates.

Rates have been falling since October 18, wiping out all of the price hikes on petrol in two months beginning August 16.

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. The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of country's requirement is met through imports.

(With inputs from agencies)

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