INSUBCONTINENT EXCLUSIVE:
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
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)
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
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
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
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
