Currently, the prices of petrol and diesel vary from city to city depending on local taxesPetrol and diesel prices were reduced in metros on Saturday, February 8 - a third straight day of downward revision.

While the price of petrol was lowered by 23-24 paise per litre in Delhi, Mumbai, Kolkata and Chennai, the rate of diesel was brought down by 25-27 paise per litre, according to data from Indian Oil Corporation.

The prices of petrol and diesel have been lowered more than 3 per cent each in the four metros so far this year. ( How To Receive Latest Petrol, Diesel Rates In SMS)In Delhi, the price of petrol was at Rs 72.45 per litre and that of diesel at Rs 65.43 per litre with effect from 6 am on February 8, as against Rs 72.68 per litre and Rs 65.68 per litre the previous day, according to Indian Oil Corporation.In Mumbai, the prices of petrol and diesel were changed to Rs 78.11 per litre and Rs 68.57 per litre respectively on Saturday, from Rs 78.34 per litre and Rs 68.84 per litre the previous day.Currently, the prices of petrol and diesel vary from city to city depending on local taxes. Oil marketing companies such as state-run Indian Oil Corporation review the rates on a daily basis, and adjust the rates depending on crude oil rates overseas and the rupee-dollar foreign exchange rate.The rupee declined by 22 paise to settle at 71.40 against the US dollar on Friday amid strength in the greenback overseas and weakness in domestic equity markets where benchmark indices declined less than half a per cent each to break a four-day winning streak.Crude oil prices slipped as Russia said it would need more time before committing to output cuts along with the Organization of the Petroleum Exporting Countries (OPEC) and other producers amid falling demand for crude as China battles the coronavirus.Brent crude futures - the global benchmark for crude oil prices - declined by 46 cents - or 0.84 per cent - to end at $54.47 a barrel.