Fuel prices witness steady fall amid faltering global crude rates

Oil-marketing companies further slashedprices of petrol and diesel well into the fourth week on Sunday as global crude oil prices faltered.

According to the Indian Oil Corp data, petrol was priced at Rs 77.73 per litre in the national capital on Sunday, 16 paise lower from Saturday.

Petrol prices fell by 16 paise to 83.24 per litre in Mumbai.

Meanwhile, diesel was priced at Rs 72.46 per litre in Delhi on Sunday, 12 paise lower than Saturday while in Mumbai diesel is retailed at Rs 75.92 per litre, 13 paise lower than Saturday.

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.

The downward revision also comes on the back of multiple factors such as lower international crude oil cost and a recovery in the rupee against the US dollar, report said.

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.