India meets more than 80% of its oil requirement through imports.New Delhi: Petrol and diesel prices were revised marginally lower for the fourth consecutive day, on Saturday.
The prices fell around nine paise in the four metro cities.
In Delhi-NCR (national capital region), petrol was sold at Rs 78.20 per litre, down from Rs 78.29 on Friday, according to Indian Oil Corp's website.
In Mumbai and Chennai, petrol prices were at Rs 86.01 and Rs 81.19 a litre respectively, down nine paise from Friday's levels.
Wheareas, in Kolkata, petrol price fell by eight paise to Rs 80.84 per litre.Petrol Prices On Saturday:MetrosPricesDelhi78.20Kolkata80.84Mumbai86.01Chennai81.19DieselPrices On Saturday:MetrosPricesDelhi69.11Kolkata71.66Mumbai73.58Chennai72.97Prices of the key transportation fuels have been cut marginally on a daily basis, under the dynamic pricing system since May 30, as global crude oil prices began to ease.
Currently, the Brent crude oil is priced around $76 per barrel.
Prices had last month touched highest since 2014, around $80 a barrel, leading to the rise in domestic fuel prices.In tandem with petrol prices, diesel prices also witnessed a downturn.
In Delhi, Kolkata, Mumbai and Chennai, the fuel was sold at Rs 69.11, Rs 71.66, Rs 73.58 and Rs 72.97 per litre, all prices down nine paise from Friday's level.India meets more than 80 per cent of its oil requirement through imports.
That makes crude oil the most expensive item on the country's import bill.
Weakness in the rupee against the US dollar also puts pressure on domestic petrol and diesel prices.
The rupee is down more than 6 per cent against the greenback so far this year.(With IANS inputs)