Oil prices dip further on Sunday

More relief to consumers as fuel prices fell again on Sunday. The Price of petrol was cut by 20-23 paise a litre and that of diesel by 21-22 paise a litre across all major cities in India.

The petrol now costs Rs 72.23 a litre in Delhi, Rs 77.89 a litre in Mumbai, Rs 74.92 a litre in Kolkata and Rs 75.04 a litre in Chennai.

Similarly, diesel costs Rs 65.23 a litre in Delhi, Rs 68.36 a litre in Mumbai, Rs 67.59 per litre in Kolkata and Rs 68.89 a litre in Chennai, according to the Indian Oil Corporation website.

 Experts said the brearish trend in oil futures is likely to continue as more deaths were reported in China due to deadly coronavirus. Both WTI and Brent traded in negative on Friday due to slowing demand. 

 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.