New Delhi, Oct 21: Oil-marketing companies slashed the prices of petrol and diesel across the four metro cities for the fourth straight day on Sunday.
[Petrol, diesel prices cut by Rs 2.50 after excise reduction] Petrol & diesel prices in Delhi are Rs 81.74 per litre (decrease by Rs 0.25) and Rs 75.19 per litre (decrease by Rs 0.17), respectively. While in Mumbai, Petrol & diesel prices are Rs 87.21 per litre (decrease by Rs 0.25) and Rs 78.82 per litre (decrease by Rs 0.18), according to Indian Oil Corporation (IOC). Petrol and diesel rates are decided on a daily basis by oil-marketing companies on the basis of the rupee-dollar rate and global crude oil prices. [Petrol, diesel price cut: States follows Centre's footsteps, reduce taxes on fuel] State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis. Government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly. Globally, oil prices rose on Friday on signs of surging demand in China, the world's second largest oil consumer, although prices were headed for a second weekly decline on swelling US inventories and concern that trade wars were curbing economic activity, reported news agency Reuters.