Fuel prices cut for 4th straight day: Petrol below Rs 85-mark in Chennai

Prices of key domestic transportation fuels - petrol and diesel - were slashed for the fouth consecutive day on Sunday. While petrol price has been cut by 25 paise, diesel rates are down by 17 paise across the metro cities - Delhi, Mumbai, Kolkata and Chennai.

According to the latest data, petrol is now priced at Rs 81.74 per litre in Delhi, down from Rs 81.99 on Saturday. The fuel is being sold at Rs 87.21 in Mumbai, Rs 84.58 in Kolkata and Rs 84.96 in Chennai.

Diesel price in Delhi, Mumbai, Kolkata and Chennai are Rs 75.19, Rs 78.82, Rs 77.04 and Rs 79.51 per litre, respectively.

As per India's pricing mechanism, domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the Indian rupee.

Prices vary from region to region due to local taxes as the product is excluded from the GST regime. 

On a daily basis, the decline in petrol and diesel prices commenced on Thursday; nearly a fortnight after Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre.

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

He had also directed all state governments to slash rates.

Petrol:

City	New rates (Rs)	Previous rates (Rs) (on Oct. 9)	Cut (Paise)
Delhi	81.74	81.99	25
Mumbai	87.21	87.46	25
Chennai	84.96	85.22	26
Kolkata	83.58	83.83	25

Diesel:

City	New rates (Rs)	Previous rates (Rs) (on Oct. 9)	Cut (Paise)
Delhi	75.19	75.36	17
Mumbai	78.82	79	18
Chennai	79.51	79.69	18
Kolkata	77.04	77.21	17