Fuel prices continue to fall, petrol down by Rs 9.60 in last 6 weeks

State-owned Indian Oil Corp Thursday said petrol price has been cut by Rs 9.6per litre and diesel by Rs 7.56 in the past six weeks in step with the reduction in international oil rates

The prices of key transport fuels -- petrol and diesel -- witnessed another decline on Friday thanks to lower global crude oil prices.

Petrol price decreased by 37 paise across major cities while diesel too continued the downward trend.

According to the Indian Oil Corp data, petrol was priced at Rs 72.87 (decreased by 37 paise) per litre in the national capital on Thursday.

Petrol prices declined to Rs  78.43 (decreased by 37 paise) per litre in Mumbai, 74.88 (decreased by 36 paise) in Kolkata and Rs  75.62 (decreased by 37 paise) in Chennai on Thursday.

The price of diesel too continued to follow the downward trend.

The price of diesel in Delhi was down at  Rs 67.72 (decreased by 41 paise)  per litre. Similarly, prices of diesel in Mumbai, Kolkata and Chennai declined to  70.89 (decreased by 44 paise)  per litre, Rs 69.57 (decreased by 31 paise) and Rs  71.52 (decreased by 43 paise) a litre respectively.

State-owned Indian Oil Corp (IOC) Thursday said petrol price has been cut by Rs 9.6per litre and diesel by Rs 7.56 in the past six weeks in step with the reduction in international oil rates.

Petrol in Delhi currently costs Rs 72.87 per litre, down from Rs 82.83 on October 17. Diesel is priced at Rs 67.72 a litre, down from Rs 75.69 on October 17.

IOC said the average prices of petrol and diesel in the international, as well as USD-Rupee exchange rate for the previous 15 days,15 days are considered while determining the retail price of petrol and diesel.

The past 44 days have seen a continuous declining trend in the domestic prices of petrol and diesel as there has been a decrease in international prices.

As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.

Brent crude prices on Monday closed at $59.2 per barrel, a 13-month low

Earlier last month, the Centre announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies had been mandated to reduce the prices of petrol and diesel by Re 1 a litre.