Fuel prices were cut for sixth consecutive day across all major cities on Tuesday. The price of petrol was cut by 16 paise and that of diesel by 21-22 paise on Tuesday bringing relief to the consumers.
So now, a litre of diesel costs Rs 71.35 in Mumbai, and Rs 68.05 in Delhi, while a litre of petrol is priced at Rs 80.42 in Mumbai, and Rs 74.82 in Delhi. Retail prices of the two automobile fuels are revised daily. Petroleum companies revise petrol and diesel prices on the basis of crude prices in the international market. Hence the prices vary according to the company.
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.
On the Multi Commodity Exchange, crude for February delivery traded higher by Rs 49, or 1.18 per cent, at Rs 4,211 per barrel in 21,729 lots. Crude oil for March delivery was quoting lower by Rs 50, or 1.2 per cent, at Rs 4,218 per barrel with an open interest of 389 lots.
Analysts said fresh bets created by participants kept crude prices higher in futures trade. Globally, West Texas Intermediate crude oil was trading 1.02 per cent higher at USD 59.14 per barrel, while Brent crude, the international benchmark, rose 1.20 per cent to USD 65.63 per barrel in New York.
(Inputs from Agencies)