Fuel prices cut for second straight day on Monday

Good news for consumers as fuel prices fell again on Monday, the second consecutive day after easing of tensions between the US and Iran. Price of petrol fell by 10 paise and that of diesel by 5 paise a litre across all major cities on Monday.

In Delhi, petrol now costs Rs 75.80 a litre, Rs 81.39 a litre in Mumbai, Rs 78.38 a litre in Kolkata and Rs 78.76 a litre in Chennai after the decrease in price.

Similarly, diesel costs Rs 69.06 a litre in Delhi, Rs 72.42 a litre in Mumbai, Rs 71.43 per litre in Kolkata and Rs 72.99 a litre in Chennai, according to Indian Oil Corporation website.

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.IANS