Petrol, Diesel Prices In India Lowered For The Second Straight Day

Fuel prices in India were lowered for the second straight day on Monday after international crude oil prices see a serious correction on easing US-Iran tensions.

Petrol prices per litre were lowered by 10 paise to Rs 75.80 in New Delhi, Rs 78.39 in Kolkata, Rs 81.39 in Mumbai and Rs 78.76 in Chennai.

Diesel price per litre was cut by 5 paise to Rs 69.06 in New Delhi, Rs 71.43 in Kolkata, Rs 72.42 in Mumbai and Rs 72.98 in Chennai.

Oil prices in the international market edged down with benchmark Brent Crude declining by 0.2 percent to $64.85 a barrel. In the last week, after US drone attacks killed Iran's key commander Qasem Soleimani and Tehran's retaliatory missile firing on American military base, oil prices crossed $70/barrel.

Volatility in international oil prices affects India greatly as it meets nearly 85 percent of its demand via imports.

Every day, retail prices of petrol and diesel are reset by oil marketing companies based on changes in these prices, the foreign exchange rate of the dollar and government-imposed taxes.