Petrol and diesel prices were reduced in the four metros on Friday, February 7 - a second straight day of downward revision.
While the price of petrol was lowered by 21-22 paise per litre in Delhi, Mumbai, Kolkata and Chennai, the rate of diesel was brought down by 24-26 paise per litre, according to data from Indian Oil Corporation.
The prices of petrol and diesel have been lowered more than 2 per cent each in the metros so far this year.(How To Receive Latest Petrol, Diesel Rates In SMS)In Delhi, the price of petrol was at Rs 72.68 per litre and that of diesel at Rs 65.68 per litre with effect from 6 am on February 7, as against Rs 72.89 per litre and Rs 65.72 per litre the previous day, according to Indian Oil Corporation.In Mumbai, the prices of petrol and diesel were changed to Rs 78.34 per litre and Rs 68.84 per litre respectively on Friday, from Rs 78.55 per litre and Rs 69.09 per litre the previous day.CityRate In Rupees Per Litre With Effect From 6 AM FridayPetrolDieselDelhi72.6865.68Kolkata75.3668.04Mumbai78.3468.84Chennai75.5169.37(Source: Indian Oil Corporation)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 edged lower to 71.27 against the US dollar on Friday, as against its previous close of 71.18.
It was last seen trading at 71.20 against the greenback.Crude oil prices rose after Russia said it backs a recommendation for OPEC and other producers to deepen output cuts amid falling demand for crude as China battles the coronavirus epidemic that has hit global markets.Brent crude futures - the global benchmark for crude oil - were last seen trading 0.6 per cent higher at $55.27 a barrel, but were headed for a fifth weekly loss amid lingering fears over the impact of the virus.
India meets the lion's share of its crude oil requirement through imports.