For the week, Brent was on track for a 11 per cent loss and WTI a 9.4 per cent decline.Tracking a fall in global crude prices, petrol and dieselrates were slashed across the four metro cities on Saturday.
Petrol was priced at Rs.
75.25 per litre in Delhi, Rs.
77.22 per litre in Kolkata, Rs.
80.79 per litre in Mumbai and Rs.
78.12 per litre in Chennai, according to Indian Oil Corporation (IOC).
Diesel rates stood Rs.
70.16 per litre in Delhi, Rs.
72.01 per litre in Kolkata, Rs.
73.48 per litre in Mumbai and Rs.
74.13 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 exchange 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.
The government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly.Globally, oil prices slumped more than 6 per cent to the lowest in more than a year on Friday amid fears of a supply glut even as major producers consider cutting output, reported news agency Reuters.Brent crude fell $3.13, or 5 per cent, to $59.47 a barrel in intraday trade, after earlier touching $58.41, its lowest since October 2017.US West Texas Intermediate crude (WTI) lost $3.35, or 6.1 per cent, to trade at $51.28, and earlier touched a low of $50.53.For the week, Brent was on track for a 11 per cent loss and WTI a 9.4 per cent decline.