Petrol, Delhi Prices: Check latest fuel rates in Delhi, Mumbai, Kolkata and Chennai

Now, here is some more relief to consumers as fuel prices fell again on Sunday. The Price of petrol was cut by 20-23 paise a litre and that of diesel by 21-22 paise a litre across all major cities in India. The petrol now costs Rs 72.23 a litre in Delhi, Rs 77.89 a litre in Mumbai, Rs 74.92 a litre in Kolkata and Rs 75.04 a litre in Chennai. Similarly, diesel costs Rs 65.23 a litre in Delhi, Rs 68.36 a litre in Mumbai, Rs 67.59 per litre in Kolkata and Rs 68.89 a litre in Chennai, according to the Indian Oil Corporation website.

Experts said the brearish trend in oil futures is likely to continue as more deaths were reported in China due to deadly coronavirus. Both WTI and Brent traded in negative on Friday due to slowing demand.

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.

On Feb 7, petrol and diesel prices recorded the biggest drop so far in this month. Oil marketing companies reduced the price of petrol by 21 to 22 paise, and that of diesel by 24 to 26 paise per litre. Due to the steep fall in the price of crude oil in the international market, consumers in the country are constantly getting relief in the price of petrol and diesel.

Due to the outbreak of coronavirus in China, there has been a steep decline in the crude oil prices in the international market in the last two weeks causing fears of slowdown in the economy there. Benchmark crude oil Brent crude has lost nearly $ 10 a barrel.