Four Metro Cities Witness 5 Paise Cut in Petrol, Diesel Prices

15-10-2019 16:37:47
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The prices of Petrol and Diesel were cut by 5 paise per litre on Tuesday across the four metros - Delhi, Mumbai, Kolkata and Chennai. These were kept unchanged for three days in a row by the state-run oil retailer Indian Oil Corporation (IOC).

The cut in prices of petrol and diesel comes after oil prices fell on Tuesday, following heavy losses in the previous session, as two days of weak Chinese data added to worries about the top crude oil importer's energy demand growth. Brent crude fell 47 cents, or 0.79 per cent, to $58.88 a barrel by, while US West Texas Intermediate (WTI) crude dropped 40 cents, or 0.75 per cent, to $53.19.

While, changes in price of petrol and diesel is implemented at the fuel pumps every day at 6 am, the domestic oil marketing companies revise petrol and diesel prices on a daily basis.

Daily revision of petrol and diesel prices was adopted by the state-run oil retailers like Indian Oil in June 2017.    


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