State-run oil marketing firms significantly lowered petrol and diesel prices for the eleventh consecutive day on Saturday.
As per prices announced by Indian Oil Corp (IOC), petrol prices are down by around 40 paise in the four metro cities, while diesel prices fell around 30 paise.
In Delhi, petrol now costs Rs 77.02 a litre and diesel costs Rs 68.28 per litre. On Friday, petrol and diesel were priced at Rs 77.42 and 68.58 a litre, respectively, in Delhi.
Similarly, in Mumbai, petrol prices were down 40 paise to Rs 84.84. In Chennai and Kolkata, petrol fell by 42 paise and 39 paise respectively. The revised petrol price was Rs 79.68 in Kolkata and 79.95 in Chennai.
Diesel prices were down by 30 paise in Delhi and Mumbai. In Kolkata and Chennai, its price was down by 32 paise.
After the revision, diesel prices in major cities are - Rs 68.28 in Delhi, Rs 70.83 in Kolkata, Rs 72.70 in Mumbai and Rs 72.08 in Chennai.
After 16 consecutive days of hikes post the Karnataka elections, 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 1.41 in Delhi to be priced at Rs 77.02 on Saturday.
Global crude oil price fell on Friday over concerns about surging US output and falling demand in China.
Brent crude futures settled down 86 cents, or 1.1 per cent, at $76.46 a barrel. US West Texas Intermediate (WTI) crude futures ended 21 cents lower at $65.74 a barrel. For the week, Brent fell 0.5 per cent, while US crude slipped 0.3 per cent.