Petrol, diesel see second consecutive weekly cut; here are fuel prices across metro cities

Petrol and diesel prices were slashed by up to 25 paise across major metro of the country on Friday. This is the second consecutive cut after petrol and diesel saw prices coming down by 21 paise and 11 paise per litre on Thursday, 13 days after the central government announced Rs 2.50 price cut on October 4. The 10 BJP-led had also announced the similar cut in VAT, thus cutting fuel prices by Rs 5 per litre in these respective states. However, prices kept souring ever since the reduction were announced, thus wiping out the entire Rs 2.50 benefit on diesel by October 15.

Oil firms have cited the lower cost of international crude production behind the price decline. Here are the fuel prices in four major metro cities on Friday.

• Delhi: Petrol Rs 82.38 per litre, down 24 paise; diesel Rs 75.48 per litre, down 10 paise
• Mumbai: Petrol Rs 87.84 per litre, down 24 paise; diesel Rs 79.13 per litre, down 11 paise
• Chennai: Petrol Rs 85.63 per litre, down 25 paise; diesel Rs 79.82 per litre, down 10 paise
• Kolkata: Petrol Rs 84.21 per litre, down 23 paise; diesel Rs 77.33 per litre, down 9 paise

International crude oil prices are trading near their lowest level in two months on Friday. WTI crude is down 3.5 per cent in one week, while Brent has declined 1.1 per cent.  As per Reuters, US West Texas Intermediate crude for October delivery CLc1 was up 27 cents, or 0.4 per cent, at $68.92 a barrel. Front-month London Brent crude for December delivery LCOc1 was up 34 cents, or 0.4 percent, at $79.63 a barrel.

Meanwhile, Reliance Industries Ltd, the owner of the world's biggest refining complex, has also halted imports of Iranian crude ahead of US sanctions against Tehran's oil sector. Its joint Chief Financial Officer V Srikanth told Reuters that Reliance has boosted purchases from other Middle Eastern suppliers and the United States to make up for the loss of Iranian barrels and reduced intake of Venezuelan oil.