Sharp cut in petrol, diesel prices on Monday

Gallery

MORE...

Sports

Hockey India names Amir Ali-led 20-man team for Junior Asia Cup

Hockey India on Monday announced the 20-member squad for the Men's Junior Asia Cup, a qual

Harmanpreet Singh named FIH Player of the Year, PR Sreejesh gets best goalkeeper award

World Boxing medallist Gaurav Bidhuri to flag off 'Delhi Against Drugs' movement on Nov 17

U23 World Wrestling Championship: Chirag Chikkara wins gold as India end campaign with nine medals

FIFA president Infantino confirms at least 9 African teams for the 2026 World Cup

Hockey, cricket, wrestling, badminton, squash axed from 2026 CWG in Glasgow

MORE...

Sharp cut in petrol, diesel prices on Monday

Last Updated : 02 Mar 2020 11:03:19 AM IST

file photo

Even though international crude oil prices rose marginally due to expected production cut, the fuel prices saw further decline across all major cities in India on Monday.

The price of petrol was cut by 22-23 paise per litre and that of diesel by 20-21 paise per litre.

Petrol now costs Rs 71.49 per litre in Delhi, Rs 77.18 per litre in Mumbai, Rs 74.16 a litre in Kolkata and Rs 74.28 per litre in Chennai after the price cut.

Similarly, diesel costs Rs 64.10 a litre in Delhi, Rs 67.13 a litre in Mumbai, Rs Rs 66.43 a litre in Kolkata and 67.65 per litre in Chennai, according to Indian Oil Corporation website.

Brent crude was at $51.41 a barrel, up 91 cents, or 1.80 per cent, by 9.40 a.m. after earlier dropping to $48.40, the lowest since July 2017.

Saudi Arabia is expected to push for a million barrels per day cut this week due to slump in demand following the outbreak of coronavirus.

The retail prices of fuel are dependent on the international crude prices and the rupee-US dollar exchange rate as India imports almost 80 per cent of its crude requirements.

Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 a.m.