india fuel prices
An employee fills diesel in a public bus at a fuel station in Kolkata August 13, 2012. Expect a popular backlash if India's government raises diesel prices to halt the subsidy drain on its finances - not only from the millions of poor who need cheap fuel but from increasing numbers of the well-off and businesses who don't. Picture taken August 13, 2012.Reuters file [Representational Image]

On Sunday, the oil marketing companies slashed the prices of petrol and diesel, lower than the global crude oil prices, based on which the oil marketing companies decide the fuel rates on account of the dollar-rupee rate.

According to the Indian Oil Corporation (IOC) data, the fuel prices have been cut short across the four metro cities. Petrol is priced at Rs 76.71 per litre in New Delhi, 20 paise lower than Saturday, Rs 78.65 per litre in Kolkata, Rs 82.23 per litre in Mumbai and Rs 79.66 per litre in Chennai.

Similarly, diesel rates also fell at Rs 71.56 per litre in New Delhi, Rs 73.42 per litre in Kolkata, Rs 74.97 per litre in Mumbai and Rs 75.63 per litre in Chennai.

Multiple factors have affected this downward trend, like the recovery of rupee against dollar and a lower rate on international crude oil. The UK Brent crude, which was at $86 per barrel has declined to $66.76 per barrel.

The state-owned oil marketing companies Bharat Petroleum, Indian Oil and Hindustan Petroleum reduced one rupee per litre on transportation fuel prices. Rs 1.50 was also cut off on excise duty earlier in October as directed by the Central Government.  

[With inputs from IANS]