Petrol, diesel prices slashed again: Check rates in Delhi, Mumbai, Kolkata

After 16 consecutive days of hikes, petrol prices had touched the peak of Rs 78.43 a litre in Delhi and Rs 86.24 a litre in Mumbai on May 29

Prices of petrol and diesel were lowered by 19-21 paise per litre and 15-16 paise per litre, respectively, in Delhi, Kolkata, Mumbai and Chennai on Monday. This is the thirteenth cut in petrol prices in as many days.

According to prices announced by Indian Oil Corp (IOC) on Monday, petrol prices are down 20 paise to Rs 76.58 a litre in Delhi, while diesel prices fell by 15 paise to Rs 67.95 in the national capital.

In Mumbai, petrol now costs Rs 84.41 a litre and diesel Rs 72.35 a litre. On Sunday, petrol and diesel prices in the city were 84.61 and 72.51 per litre, respectively.

After the revision, petrol prices in other major cities are -- Rs 79.25 in Kolkata and Rs 79.48 in Chennai. Diesel fell by around 15 paise in both the cities to Rs 70.50 a litre in Kolkata and Rs 71.73 in Chennai.

Petrol prices had touched the peak of Rs 78.43 per litre in Delhi and Rs 86.24 per litre in Mumbai on May 29. Since then, petrol prices have seen a downward revision of Rs 1.85 in Delhi and Rs 1.83 in Mumbai.

Under the dynamic pricing regime currently followed by oil firms, fuel prices in the country are basically dependent on global oil prices. 

Global crude oil prices fell on Monday, dragged down by a rise in US oil drilling activity to its highest level since March 2015, while increasing output in Russia also weighed on the market.

Brent crude futures, the international benchmark for oil prices, were at $76.37 per barrel at 0010 GMT on Monday, 0.1 per cent, higher than their last close.

Top part of the chart shows diesel prices, while the one below shows petrol prices