Brent crude, the global benchmark, was down $1.28 to $75.16 a barrel in the intraday trade.Oil-marketing companies slashed the prices of petrol across the four metro cities for the seventh straight day on Wednesday.
However, diesel prices were unchanged.
Petrol is priced at Rs.
81.25 per litre in New Delhi, Rs.
83.10 per litre in Kolkata, Rs.
86.73 per litre in Mumbai and Rs.
84.44 per litre in Chennai, according to Indian Oil Corporation (IOC).
Diesel is selling at Rs.
74.85 per litre in New Delhi, Rs.
76.70 per litre in Kolkata, Rs.
78.46 per litre in Mumbai and Rs.
79.15 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.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.Globally, oil fell towards $75 a barrel to its lowest since late August on Wednesday, pressured by concern that demand is weakening and supply ample even as US sanctions loom on oil exporter Iran, reported news agency Reuters.Brent crude, the global benchmark, was down $1.28 to $75.16 a barrel in the intraday trade.
It fell earlier to $75.11, the lowest since August 24 US crude dropped 30 cents to $66.13.On October 4, the Central government announced a cut of Rs.
2.50 a litre each for petrol and diesel and urged state governments to match the reduction to provide relief from high fuel prices.(With Reuters Inputs)