(NDTV)
Oil-marketing companies slashed the prices of petrol and diesel across the four metro cities on Sunday. Petrol is priced at Rs. 76.71 per litre in New Delhi, Rs. 78.65 per litre in Kolkata, Rs.82.23 per litre in Mumbai and Rs. 79.66 per litre in Chennai, according to Indian Oil Corporation (IOC). Diesel rates stood at Rs. 71.56 per litre in New Delhi, Rs. 73.42 per litre in Kolkata, Rs. 74.97 per litre in Mumbai and Rs. 75.63 per litre in Chennai. Petrol and diesel rates are decided on a daily basis by oil-marketing companies on the basis of the rupee-dollar rate and global crude oil prices.
State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis. Government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly. Globally, oil ended slightly firmer after volatile trading on Friday, supported by expectations that the Organisation of the Petroleum Exporting Countries would agree to cut output next month, though prices fell for the sixth straight week amid global oversupply concerns, reported news agency Reuters.
OPEC kingpin Saudi Arabia is keen for the major producers to cut output by about 1.4 million barrels per day, around 1.5 percent of global supply, to support the market, sources told Reuters this week. But other producers, including Russia, have been reluctant to agree to a cut.
