Four Metro Cities Witness 5 Paise Cut in Petrol, Diesel Prices
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The
prices of Petrol and Diesel were cut by 5 paise per litre on Tuesday across the
four metros - Delhi, Mumbai, Kolkata and Chennai. These were kept unchanged for
three days in a row by the state-run oil retailer Indian Oil Corporation (IOC).
The
cut in prices of petrol and diesel comes after oil prices fell on Tuesday,
following heavy losses in the previous session, as two days of weak Chinese
data added to worries about the top crude oil importer's energy demand growth.
Brent crude fell 47 cents, or 0.79 per cent, to $58.88 a barrel by, while US
West Texas Intermediate (WTI) crude dropped 40 cents, or 0.75 per cent, to
$53.19.
While,
changes in price of petrol and diesel is implemented at the fuel pumps every
day at 6 am, the domestic oil marketing companies revise petrol and diesel
prices on a daily basis.
Daily
revision of petrol and diesel prices was adopted by the state-run oil retailers
like Indian Oil in June 2017.
