New Delhi, February 27: Fuel prices across major cities in India were slashed by about 0.5 to 0.6 paise on Thursday after being stable for the past three days. After the rate revision, the retail petrol pump in Mumbai was Rs 77.67 per litre while in Delhi, petrol was priced at Rs 72.01 per litre. Meanwhile, in Kolkata, petrol was sold at Rs 74.65 per litre while in Chennai per litre petrol was priced at Rs 74.81. Check Fuel Rates In India.
According to data available on Indian Oil Corporation (IOC) website, diesel was priced at Rs 67.80 in Mumbai, Rs 64.70 in Delhi, in Kolkata, diesel was priced at Rs 67.02 while in Chennai, it was Rs 68.32 per litre after the price cut. The decline in the rates can be attributed to the outbreak of Coronavirus in China. The supply loomed over the market as demand in China was hit by the outbreak of COVID-19 which has killed over 2,500 people so far.
Check Petrol & Diesel Price in Metro Cities on February 27, 2020:
|Metro Cities||Petrol Price/ Ltr||Diesel Price/ Ltr|
|Mumbai||Rs 77.67||Rs 67.80|
|Delhi||Rs 72.01||Rs 64.70|
|Chennai||Rs 74.81||Rs 68.32|
|Kolkata||Rs 74.65||Rs 67.02|
The prices of petrol and diesel are majorly dependent on the international crude prices and the rupee-US dollar exchange rate as India imports almost 80 per cent of its crude requirements. The domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Since June 2017, fuel prices in India are revised daily at 6 am every day. Before this prices were revised every fortnight.