Mumbai, July 22:  Oil marketing companies (OMCs) slashed the prices of petrol and diesel for the fourth consecutive day on Sunday. According to the rate chart of IOC (Indian Oil Corporation) website, petrol is priced at Rs. 76.37 per litre in Delhi and Rs. 83.82 per litre in Mumbai while in Kolkata and Chennai it is sold at Rs. 79.20 per litre and Rs. 79.33 per litre respectively.

Meanwhile, Diesel is priced at Rs. 67.98 per litre in Delhi while it is priced at Rs. 72.17 per litre in Mumbai. In Kolkata, diesel is sold at Rs. 70.63 per litre and Rs. 71.79 per litre in Chennai on Sunday.

Petrol Prices on July 22, 2018:

Metro Cities Price per ltr (In Rs)
Mumbai Rs. 83.82
Delhi Rs. 76.37
Kolkata Rs. 79.20
Chennai Rs. 79.33

Diesel Prices on July 22, 2018:

Metro Cities Price (In Rs)
Mumbai Rs. 72.17
Delhi Rs. 67.98
Kolkata Rs. 70.63
Chennai Rs. 71.79

Rates vary from state to state depending on the incidence of local sales tax or VAT. Prices in Delhi are the cheapest in all metros and most state capitals. Daily price changes for Petrol & Diesel come into effect at 6 am every day.

Domestic prices of transportation fuel are largely determined by market forces and global crude oil prices. The prices are changed on a daily basis as per the dynamic pricing system. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.

In June last year, the government had allowed the revision of fuel rates on a daily basis to reflect changes in costs instantly. On May 30, fuel prices in Delhi had hit an all-time high of Rs. 78.43 per litre for petrol and Rs. 69.31 per litre for diesel, which reduced later.

(The above story first appeared on LatestLY on Jul 22, 2018 02:41 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).