After two days of no change, the fuel prices fell again on Thursday even though international crude prices moved up marginally. The price of petrol was reduced by 8-10 paise and that of diesel by 12-13 paise on Thursday across all major cities in India.
The petrol now costs at Rs 72.59 a litre in Delhi, Rs 78.55 a litre in Mumbai, Rs 75.57 a litre in Kolkata and Rs 75.73 a litre in Chennai.
Similarly, diesel costs Rs 65.92 a litre in Delhi, Rs 69.09 a litre in Mumbai, Rs 68.29 per litre in Kolkata and Rs 69.63 a litre in Chennai, according to the Indian Oil Corporation website.
Brent crude was trading at $56.23 per barrel, an increase of 1.17 per cent from the previous close.
Experts said that Brent crude rose after reports of advances in combating coronavirus outbreak in China as a sign that fuel demand may rebound in the world”s second largest consumer country.
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.