Relief to consumers as fuel prices dip further on Tuesday

New Delhi: In a major relief to the consumers, fuel prices were cut further on sixth consecutive day across all major cities on Tuesday.

The price of petrol was cut by 16 paise and that of diesel by 21 paise on Tuesday.

The petrol now costs Rs 74.82 a litre in Delhi, Rs 80.42 a litre in Mumbai, Rs 77.42 a litre in Kolkata and Rs 77.72 a litre in Chennai after the price cut.

Similarly, diesel costs Rs 68.05 a litre in Delhi, Rs 71.35 a litre in Mumbai, Rs 70.41 per litre in Kolkata and Rs 71.90 a litre in Chennai, according to the Indian Oil Corporation website.

In the last eleven days petrol became cheaper by Rs 1.14 and diesel by over Rs 2.

The retail prices of fuel are dependent on the international crude prices and the rupee-US dollar exchange rate as India imports almost 80 per cent of its 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 a.m.