Any changes in the rates are implemented at petrol and diesel stations with effect from 6 am.Petrol and diesel prices were cut marginally across four metros of the country on Tuesday.
While the petrol rates were decreased by 5 paise per litre in Delhi, Mumbai, Kolkata and Chennai, the diesel prices were lowered by 7 paise per litre, data from Indian Oil Corporation showed.
Currently, state-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum review petrol and diesel prices on a daily basis.
Any changes in the rates are implemented at petrol and diesel stations with effect from 6 am.In Delhi, petrol was sold at Rs 72.41 per litre on Tuesday, 5 paise down from the Monday's level of Rs 72.46 per litre, according to state-run Indian Oil Corporation's data- iocl.com.
In Mumbai, Kolkata and Chennai, prices of petrol fell to Rs 78.04, Rs 74.49 and Rs.
75.20 per litre respectively.
In Delhi, Mumbai, Kolkata and Chennai, diesel rates fell to Rs 67.37, Rs 70.58, Rs 69.16and Rs 71.20.(As mentioned on Indian Oil's website)The fuel rates vary from city to city and from pump to pump, depending on local taxes and transportation cost.As per the country's dynamic pricing mechanism, the petrol and diesel prices depend on international fuel prices on a 15-day average and the value of the rupee.The rupee rose to its highest in two-and-a-half months on Tuesday, buoyed by strong foreign inflows into shares, traders were quoted as saying in news agency Reuters report.Globally, oil prices rose on Tuesday, lifted by healthy demand and output cuts led by producer group OPEC.
A rally in broader financial markets also supported crude futures, although analysts still warned of risks to the global economy.
Brent crude futures - the international oil benchmark- were at $66.75 per barrel, up 17 cents, or 0.3 per cent.(With inputs from agencies)