Fuel prices declined for the ninth consecutive session on Friday, with petrol trading below Rs 80 per litre mark across all major cities. In Mumbai, petrol is priced at Rs 78.43 per litre, while diesel stands at Rs 70.89 per litre.
According to the Indian Oil Corp data, petrol prices in New Delhi, Kolkata and Chennai were at Rs 72.87 per litre, Rs 74.88 per litre and Rs 75.62 per litre, respectively, while diesel stood at Rs 67.72 a litre in New Delhi, Rs 69.57 a litre in Kolkata and Rs 71.52 a litre in Chennai.
Petrol prices have declined by more than Rs 9.86 per litre and diesel by Rs 8.46 per litre in a little over a month in Mumbai on softer international rates. In New Delhi, the prices have fallen Rs. 9.59 per litre for petrol and Rs 7.56 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.
"The past 44 days have seen a continuous declining trend in the domestic prices of petrol and diesel as there has been a decrease in the international prices of both petrol and diesel. The movement of prices in the international oil market as well as the rupee-dollar exchange rate shall continue to be monitored closely and the prevailing trends of the market will be reflected in future price changes," Indian Oil Corp said in a press release on Thursday.
(With inputs from agencies)
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