Petrol and diesel prices saw a huge decline on Sunday, following a slump in global oil prices. Prices of petrol were cut by 17 paise and that of diesel by 21 paise on March 1.
Petrol in Delhi would now cost Rs 71.71 per litre, Rs 77.40 per litre in Mumbai, Rs 74.51 a litre in Chennai and Rs 74.38 a litre in Kolkata, according to Indian Oil Corporation.
Similarly, diesel would now cost Rs 64.30 per litre in Delhi; Rs 67.34 a litre in Mumbai; Rs 66.63 per litre in Kolkata and Rs 67.86 per litre in Chennai, after the price cut.
Oil prices fell for a sixth straight session this week, leading to a 12 per cent weekly fall, the biggest in more than four years, as the spread of the coronavirus outside China raised fears of slowing global demand.
As on March 01, the Brent crude was quoting at $49.67, down 4 per cent.
The retail prices of fuel are dependent on two factors-the international crude prices and the rupee-US dollar exchange rate. India imports almost 80 per cent of crude requirements.
Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 am.
(Edited by: Mansi Jaswal)