Fuel prices fall again even as Brent rises marginally

After two days of no change, the fuel prices fell again on Thursday even though international crude prices moved up marginally. The price of petrol was reduced by 8-10 paise and that of diesel by 12-13 paise on Thursday across all major cities in India.

The petrol now costs at Rs 72.59 a litre in Delhi, Rs 78.55 a litre in Mumbai, Rs 75.57 a litre in Kolkata and Rs 75.73 a litre in Chennai.

Similarly, diesel costs Rs 65.92 a litre in Delhi, Rs 69.09 a litre in Mumbai, Rs 68.29 per litre in Kolkata and Rs 69.63 a litre in Chennai, according to the Indian Oil Corporation website.

Brent crude was trading at $56.23 per barrel, an increase of 1.17 per cent from the previous close.

Experts said that Brent crude rose after reports of advances in combating coronavirus outbreak in China as a sign that fuel demand may rebound in the world's second largest consumer country.

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.