Fuel prices dropped for third consecutive day as price of petrol was cut by 15 paise and that of diesel by 17 paise across all major cities in the country.
So now, a litre of diesel costs Rs 71.94 in Mumbai, and Rs 68.61 in Delhi, while a litre of petrol is priced at Rs 80.85 in Mumbai, and Rs 75.26 in Delhi. Retail prices of the two automobile fuels are revised daily. Petroleum companies revise petrol and diesel prices on the basis of crude prices in the international market. Hence the prices vary according to the company.
On the Multi Commodity Exchange, crude oil for January delivery dropped by Rs 8, or 0.19 per cent, to Rs 4,157 per barrel with a business volume of 12,331 lots. Crude oil for February delivery was quoting lower by Rs 7, or 0.17 per cent, at Rs 4,171 per barrel with an open interest of 8,765 lots.
However, globally, West Texas Intermediate crude oil was trading 0.21 per cent up at USD 58.64 per barrel. Meanwhile, Brent Crude, the international benchmark, rose 0.20 per cent to trade at USD 64.75 per barrel in New York.
International crude rates however were up marginally after signing of Sino-US trade deal which experts say might fuel energy demand. The retail prices of fuel are dependent on the global crude prices and the rupee-US dollar exchange rate as India imports 80 per cent of its crude requirements.