Petrol prices declined to Rs 79.12 (decrease by 50 paise) per litre in Mumbai.
The
prices of key transport fuels -- petrol and diesel -- continued to
dive significantly on Wednesday thanks to lower global crude oil
prices.
Petrol
price decreased by 50 -paise across major cities while diesel too
continued the downward trend.
According
to the Indian Oil Corp data, petrol was priced at Rs 73.57 (a fall of
50 paise) per litre in the national capital on Wednesday.
Petrol
prices declined to Rs 79.12 (a fall of 50 paise) per litre in Mumbai,
Rs 75.57 (a fall of 50 paise) in Kolkata and Rs 76.35 (a fall of 50
paise) in Chennai on Wednesday.
The
price of diesel too continued to follow the downward trend.
The
price of diesel in Mumbai was down at Rs 71.71 (a fall of 40 paise)
per litre. Similarly, prices of diesel in Delhi, Kolkata and Chennai
declined to Rs 68.49 (a fall of 50 paise) per litre, Rs 70.34 (a fall
of 50 paise) and Rs 72.34 (a fall of 12 paise) a litre respectively.
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.
Brent
crude prices on Monday closed at $59.2 per barrel, a 13-month low
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.
The
United States recently softened its stand on Iran's sanctions and
gave its nod to eight countries to continue importing oil from Iran
temporarily. The list of countries includes India, China, South
Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.
Earlier
last month, the Centre announced a cut in excise duty by Rs 1.50 a
litre.
Additionally,
the state-owned oil marketing companies had been mandated to reduce
the prices of petrol and diesel by Re 1 a litre.
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