Brent had earlier this month hit a four-year high of $86.74 a barrel.Oil-marketing companies slashed the prices of petrol and diesel across the four metro cities for the fourth straight day on Sunday.
Petrol is priced at Rs.
81.74 per litre in New Delhi, Rs.
83.58 per litre in Kolkata, Rs.
87.21 per litre in Mumbai and Rs.
84.96 per litre in Chennai, according to Indian Oil Corporation (IOC).
Diesel is sellingat Rs.
75.19 per litre in New Delhi, Rs.
77.04 per litre in Kolkata, Rs.
78.82 per litre in Mumbai and Rs.
79.51 per litre in Chennai.
Petrol and diesel rates are decided on a daily basis by oil-marketing companies on the basis of the rupee-dollar rate and global crude oil prices.Meanwhile, all petrol and CNG (Compressed Natural Gas) pumps in the national capital will remain closed on October 22 as Delhi Petrol Dealers Association (DPDA) has decided to go on a strike.
The strike has been called in protest against the Delhi government's refusal to cut VAT (Value Added Tax) on petrol and diesel.State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.
Government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly.The price cut follows international oil prices trading near the lowest level in a month on a bigger-than-expected gain in American stockpiles, reported news agency Press Trust of India.
On Friday, West Texas Intermediate for November delivery settled at $69.12 a barrel on the New York Mercantile Exchange, while Brent for December settlement was at $79.78 a barrel on the London-based ICE Futures Europe exchange, it further said.
Brent had earlier this month hit a four-year high of $86.74 a barrel.(With PTI Inputs)