State-run oil marketing companies cut petrol prices on Sunday, marking a fourth straight day of reduction in rates. With effect from 6 am on Sunday, the price of petrol was at Rs. 71.71 per litre in Delhi, Rs. 74.44 per litre in Kolkata, Rs. 77.40 per litre in Mumbai and Rs. 74.51 per litre in Chennai, according to Indian Oil Corporation's (IOC) website. Petrol prices were cut by 6 paise per litre in the four metros compared to the previous day's rates, data from Indian Oil showed.
However, the diesel price was unchanged across metros. Diesel stood at Rs. 65.09 per litre in Delhi, Rs. 67.50 per litre in Kolkata, Rs. 68.26 per litre in Mumbai and Rs. 68.79 per litre in Chennai.
State-run oil marketing companies such as Indian Oil Corporation, Bharat Petroleum and Hindustan Petroleum review the domestic fuel prices on a daily basis and any revisions are implemented at the fuel stations with effect from 6 am.
The domestic fuel prices are determined broadly by the global crude oil and rupee-dollar forex rates.
Globally, oil prices rose above $61 a barrel on Friday after the head of the US Federal Reserve said the central bank will act "as appropriate" to sustain an economic expansion in the world's biggest economy that has been pressured by uncertainty over global trade, reported news agency Reuters.
Brent crude, the global benchmark, settled at $61.54 a barrel, up 59 cents, or 1 per cent, while US West Texas Intermediate (WTI) crude ended 0.4 per cent higher at $56.52.
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