Fuel prices continue to fall as global crude rates ease
According to the Indian Oil Corp data, petrol was priced at Rs 77.89 per litre in the national capital on Saturday, 17 paise lower from Friday.
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.
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.
In tandem with petrol, the cost of diesel declined by 16 to 17 paise on Saturday across the four metros.
The price of diesel in Mumbai was down at Rs 76.05 per litre.
The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a recovery in the rupee against the US dollar.
On Friday, the UK Brent crude traded at around $70 per barrel, from a recent high of over $86.
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.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)