Petrol and diesel prices were further cut on Friday amid a slump in international crude oil rates following the outbreak of coronavirus in China. The price of petrol was cut by 9 paise and that of diesel by 8 paise across all major cities on Friday. The petrol now costs Rs 73.27 a litre in Delhi, Rs 78.88 a litre in Mumbai, Rs 75.90 a litre in Kolkata and Rs 76.09 a litre in Chennai after the price cut.
Similarly, diesel costs Rs 66.28 a litre in Delhi, Rs 69.47 a litre in Mumbai, Rs 68.66 per litre in Kolkata and Rs 70.01 a litre in Chennai, according to the Indian Oil Corporation website.
However, crude oil rates rebounded on Friday after the World Health Organization (WHO) said travel and trade restrictions were not necessary due to the outbreak of coronavirus in China, indicating that the fuel prices may rise in the coming days.
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.