Petrol, Diesel Prices Lowered For Third Straight Day

Domestic petrol and diesel prices were lowered on Saturday, marking a third straight day of reduction. In Delhi and Mumbai each, the price of petrol was lowered by 10 paise per litre, while diesel rates were cut by 14 paise per litre and 15 paise per litre respectively compared to the previous day's rates, according to data from state-run Indian Oil Corporation. Currently, oil marketing companies such as Indian Oil Corporation - the country's largest fuel retailer - review the fuel rates every day and any changes are implemented at the fuel pumps at 6 am. (Also read: How to receive today's petrol and diesel rates in your city through SMS)

Petrol and diesel rates in four metros today

In Delhi, the price of petrol was Rs 73.32 per litre with effect from 6 am on Saturday, and that of diesel was Rs 66.46 per litre, according to Indian Oil Corporation.

In Mumbai, the prices of petrol and diesel were Rs 78.93 per litre and Rs 69.66 per litre respectively.

(The price of petrol and diesel in the four metros in rupees per litre)

In Kolkata, the petrol and diesel prices were Rs 75.97 per litre and Rs 68.82 per litre respectively.

In Chennai, the rate of petrol was Rs 76.14 per litre and that of diesel Rs 70.20 per litre.

Domestic prices of the fuels are determined broadly by the international crude oil rates and the foreign exchange (foreign) exchange rate of the rupee against the US dollar.

Crude oil prices gained over 2 per cent on Friday after Iranian media said a state-owned oil tanker was attacked in the Red Sea near Saudi Arabia, while optimism surrounding the US-China trade war lifted sentiment. Brent crude futures - the global benchmark for crude oil - rose by $1.41 - or 2.4 per cent - to end at $60.51 per barrel.

(International crude oil prices rose more than 2 per cent on Friday)

Brent crude futures recorded their biggest daily rise since September 16, the first trading day after attacks on Saudi installations knocked out more than half of the kingdom's crude output and temporarily pushed oil prices up by about 20 per cent.

The rupee ended nearly unchanged at 71.01 against the US dollar on Friday - down 1.79 per cent against the greenback so far this year.

The price of petrol has been reduced by a total Rs 1.10-1.22 per litre in the four metros so far this month, and the rate of diesel cut by 87-99 paise per litre.