New Delhi, January 24: Fuel prices across India dipped further on Friday with petrol and diesel prices cut by 16-18 paise and 19-20 paise respectively. According to the official website of Indian Oil Corporation (IOC), the retail pump price of petrol on Friday, January 24, was Rs 80.03 per litre in Mumbai, Rs 74.43 per litre in Delhi, Rs 77.31 in Chennai and Rs 77.04 in Kolkata.  Meanwhile, the diesel on Friday was priced at Rs 70.88 per litre in Mumbai, Rs 67.61 per litre in Delhi, Rs 71.43 per litre in Chennai and Rs 69.97 per litre in Kolkata.

The cut in fuel prices in India comes after slump in international crude oil rates following the outbreak of coronavirus in China. According to report by IANS, the brent crude fell by more than 2 per cent to $62.17 per barrel on Thursday following the outbreak of coronavirus in China, negatively impacting the demand.

Check Petrol & Diesel Price in Metro Cities on January 24, 2020:

Metro Cities Petrol Price/ Ltr Diesel Price/ Ltr
Mumbai Rs 80.03 Rs 70.88
Delhi Rs 74.43 Rs 67.61
Chennai Rs 77.31 Rs 71.43
Kolkata Rs 77.04 Rs 69.97

On Thursday, petrol was sold at Rs 74.65 a litre in Delhi, Rs 80.25 a litre in Mumbai, Rs 77.25 a litre in Kolkata and Rs 77.54 a litre in Chennai. Meanwhile, diesel was priced at Rs 67.86 a litre in Delhi, Rs 71.15 a litre in Mumbai, Rs 70.22 per litre in Kolkata and Rs 71.70 a litre in Chennai.

Various factors that closely impact the price of fuel include rupee to US dollar exchange rate, cost of crude oil, global cues and international crude oil prices gain. The petrol and diesel prices reviewed by oil marketing companies on a daily basis and are changed at 6 am each day since June 2017. Before this prices were revised every fortnight. 

(The above story first appeared on LatestLY on Jan 24, 2020 09:44 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website