On Tuesday, petrol and diesel prices were cut by 4 to 5 paise and by 5 paise per litre, respectively as per the details released by the state-owned Indian Oil Corporation (IOCL).
So now, a litre of diesel costs Rs 67.75 in Mumbai, and Rs 64.65 in Delhi, while a litre of petrol is priced at Rs 77.56 in Mumbai, and Rs 71.89 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.
Crude oil prices on Monday edged up by Rs 22 to Rs 3,729 per barrel as speculators widened their positions driven by spot demand. On the Multi Commodity Exchange, crude oil for delivery in February traded higher by Rs 22, or 0.59 per cent, to Rs 3,729 per barrel in 27,498 lots.
Crude oil for March delivery was up by Rs 8, or 0.64 per cent, to Rs 3,761 per barrel with an open interest of 1,677 lots. Globally, West Texas Intermediate was trading higher by 0.15 per cent at USD 52.13 per barrel. However, Brent crude, the international benchmark, edged lower by 0.07 per cent to USD 57.28 per barrel in New York.
(Inputs from PTI)