Domestic fuel prices continued to decline on Saturday in line with the downward trend in Brent crude oil price, which fell below the $60 per-barrel- mark.
In the national capital, petrol was sold at Rs 75.25 per litre, 32 paise lower from Friday, according to data on the Indian Oil Corp’s website.
In other key cities of Kolkata, Mumbai and Chennai, the fuel was priced at Rs 77.22, Rs 80.79 and Rs 78.12 per litre, respectively, against the previous levels of Rs 77.53, Rs 81.10 and Rs 78.46 per litre, respectively.
Fuel costs in India are impacted by global crude oil prices, as the country is a net importer of oil. Price determination is done on a daily basis under the dynamic pricing system.
As per the country’s pricing mechanism, the domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the rupee.
The UK Brent crude is currently priced around $59 per barrel, down from the four-year high of $86.07 recorded on October 4.
The cost of other key transportation fuel — diesel — too fell in tandem with petrol prices across the four metros.
The fuel-type was priced at Rs 70.16 in Delhi, 40 paise lower than the Friday’s level of Rs 70.56 per litre.
In the country’s financial capital, Mumbai, diesel was sold at Rs 73.48, against Rs 73.91 on Friday. In Kolkata and Chennai, it was priced at Rs 72.01 and Rs 74.13 repectively, compared to the previous levels of Rs 72.41 and Rs 74.55 per litre.