Fuel prices fall on Sunday after rise for three days
New Delhi, Jan. 12 (IANS): Some relief for consumers as fuel prices fell on Sunday after rise for three consecutive days. The price of petrol fell by 10-12 paise a litre while that of diesel by 6-7 paise per litre in all major cities across the country.
In Delhi, petrol costs INR 75.90 a litre, INR 81.49 a litre in Mumbai, INR 78.48 a litre in Kolkata and INR 78.86 a litre in Chennai after the decrease in price.
Similarly, diesel costs INR 69.11 a litre in Delhi, INR 72.47 a litre in Mumbai, INR 71.48 per litre in Kolkata and INR 73.04 a litre in Chennai, according to Indian Oil Corporation website.
The decrease in prices came after Brent crude prices fell after de-escalation of tensions between the US and Iran in the Middle East.
The retail prices of fuel are dependent on the global crude prices and the rupee-US dollar exchange rate as India imports 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.