Petrol, diesel prices cut for a third straight day as crude oil softens 5%

There were slight changes in petrol and diesel prices on Monday after two consecutive days of revisions. 

Petrol now costs Rs 69.63 a litre in Delhi, Rs 75.28 a litre in Mumbai, Rs 72.26 a litre in Chennai, and Rs 72.27 a litre in Kolkata, according to a price notification by state-owned oil companies. Similarly, diesel costs Rs 62.33 per litre in Delhi, Rs 65.19 a litre in Mumbai, Rs 65.69 a litre in Chennai, and Rs 64.6 a litre in Kolkata.

Today, the price of petrol was reduced by 12-19 paise and that of diesel by 11-17 paise across all major cities in the country.

In the international market, the crude oil price declined 5 per cent to under $30 a barrel. 

Petrol price was on Sunday reduced by 12 paise a litre and diesel rates by 14 paise as oil companies moderated their rate reduction amid a fall in global prices to absorb the hike in excise duty on fuel by the government.

Delhi has the lowest fuel prices among metros because of lower state taxes.

The government had on Saturday hiked excise duty on petrol and diesel by a steep Rs 3 per litre each to garner about Rs 39,000 crore additional revenue as it repeated its 2014-15 act of not passing on gains arising from a slump in international oil prices.