Fuel prices were revised lower for the seventh day in a row after international crude oil prices fell by nearly 2 percent in Monday's session. Petrol price fell by 13 paise in Delhi and Kolkata to Rs 77.83 and Rs 80.47 per litre respectively. In Mumbai, it fell by 12 paise to Rs 85.65 and 14 paise in Chennai to Rs 80.8 as per the update on IOC's website.
On the other hand, diesel prices fell by an average of 9.5 paise in the metro cities at Rs 68.88 per litre in Delhi, Rs 71.43 in Kolkata, Rs 73.33 in Mumbai and Rs 72.72 in Chennai.
Fuel rates in India have been on a downward trend since May 30, reflecting the decline in prices globally. Petrol has fallen by 60 paise since, while diesel is down by 43 paise.
International crude benchmark Brent recovered by 0.2 percent to $75.44 per barrel in morning trade after a steep fall of nearly 2 percent on Monday. WTI gained by 0.4 percent to $65.03 per barrel in the morning after it closed 1.6 percent lower at $64.75 a barrel on Monday.
The US increased its production as per its May reports that pushed WTI much lower than Brent. The OPEC (Organization of the Petroleum Exporting Countries) members meet on June 22 in Vienna, will decide if the countries will increase their oil production along with Russia as concerns of a shortfall in supply from Iran and Venezuela remains. The decision will impact Indian fuel prices as the country is highly dependent on imports to meet its domestic demands.