Fuel prices continue downward trend; petrol, diesel slashed for 11th day

The prices of petrol and diesel continue to decline for 11th day straight on Sunday as well. 

Across major cities of the country, petrol prices were cut by 30-40 paise, on the other hand, diesel saw a slash of up to 45 paise per per litre. 

After today's price cut, price of petrol in Delhi is Rs 72.23 a litre against Rs 72.53 yesterday. Diesel in Delhi retailed at Rs 67.02 against Rs 67.35 yesterday, according to data available on Indian Oil Corporation (IOC) website. 

In Mumbai, today petrol retailed at Rs 77.80 from Rs 78.09 yesterday. Diesel prices in Mumbai were cut by 45 paise to Rs 70.15 per litre against Rs 70.50 against yesterday. 

In Kolkata petrol is being sold at Rs 74.25 today, compared to Rs 74.55 on yesterday. Diesel prices were slashed by 33 paise to Rs 68.75. 

IOC said the average prices of petrol and diesel internationally, as well as USD-Rupee exchange rate for the previous 15 days, are considered while determining the retail price of petrol and diesel.

The past 11 days have seen a continuous declining trend in the domestic prices of petrol and diesel as there has been a decrease in international prices as well.

Brent Crude futures were trading below the $60 per barrel mark on Friday and closed at $59.46.

Earlier last month, the Centre announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies had been mandated to reduce the prices of petrol and diesel by Re 1 a litre.