State-run oil-marketing companies continued to cut the prices of key transport fuels — petrol and diesel — well into the fourth week on Saturday on lower global crude oil prices.<\/p>\n
According to the Indian Oil Corp data, petrol was priced at Rs 77.89 per litre in the national capital on Saturday, 17 paise lower from Friday.<\/p>\n
Petrol prices fell by 17 to 18 paise to Rs 83.40 per litre in Mumbai, Rs 79.81 in Kolkata and Rs 80.90 in Chennai on Saturday.<\/p>\n
As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.<\/p>\n
Prices vary from region to region due to local taxes, as the products are excluded from the GST regime. Delhi has the lowest tax rate among the four metros.<\/p>\n
In tandem with petrol, the cost of diesel declined by 16 to 17 paise on Saturday across the four metros.<\/p>\n
The price of diesel in Mumbai was down at Rs 76.05 per litre.<\/p>\n
Similarly, prices of diesel in Delhi, Kolkata and Chennai declined to Rs 72.58, Rs 74.44 and Rs 76.72 a litre respectively.<\/p>\n
The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a recovery in the rupee against the US dollar.<\/p>\n
On Friday, the UK Brent crude traded at around $70 per barrel, from a recent high of over $86.<\/p>\n
Earlier last month, the Centre announced a cut in excise duty by Rs 1.50 a litre.<\/p>\n
Additionally, the state-owned oil marketing companies had been mandated to reduce the prices of petrol and diesel by Re 1 a litre.<\/p>\n","protected":false},"excerpt":{"rendered":"
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