Prices of petrol and diesel dropped on Thursday after a slump in international crude oil rates following the outbreak of coronavirus in China. The price of petrol was cut by 17 paise and that of diesel by 19 paise a litre across all major cities on Thursday. The petrol now costs Rs 74.65 a litre in Delhi, Rs 80.25 a litre in Mumbai, Rs 77.25 a litre in Kolkata and Rs 77.54 a litre in Chennai after the price cut.
Similarly, diesel costs Rs 67.86 a litre in Delhi, Rs 71.15 a litre in Mumbai, Rs 70.22 per litre in Kolkata and Rs 71.70 a litre in Chennai, according to the Indian Oil Corporation website.
Petrol and diesel prices have been continuously declining since January 12.
Brent crude fell by more than 2 per cent to $62.17 per barrel following the outbreak of coronavirus in China, negatively impacting the demand.
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.