Domestic petrol and diesel prices were cut sharply today, following a recent slump in global oil prices. Petrol rates were cut between 15 paise to 18 paise per litre today in metros today in second successive day of sharp reduction of fuel prices. Diesel rates saw a sharper cut, down about 20 paise to 26 paise in top metros. In Delhi, petrol retailed at ₹71.71 per litre, which is the lowest price in about six months. In Kolkata, Mumbai and Chennai, petrol today cost ₹74.38, ₹77.4 and ₹74.51 a litre.
After the sharp cut, diesel today retailed at ₹64.3 a litre, the lowest price in about eights months. In Kolkata, Mumbai and Chennai, diesel today retailed at ₹66.63, ₹67.34 and ₹67.86 a litre.
Petrol and diesel prices in India depend on the international crude prices, the rupee-US dollar exchange rate, local taxes (excise duty and VAT) and other factors like freight charges, dealer commission and margins of oil marketing companies.
