Fuel prices in the country experience another cut for the second straight day, following global cues. International benchmark Brent posted its third weekly loss for the 20-July ending week, settling at $73.05 a barrel.
Reflecting the losses in international oil markets, petrol and diesel prices per litre in Indian metro cities were lowered by an average of 15 paise. Petrol per litre on 21 July was priced at Rs 76.47 in Delhi, Rs 83.91 in Mumbai, Rs 79.43 in Chennai and Rs 79.27 in Kolkata. On the other hand, diesel prices were at Rs 68.08 in Delhi, Rs 72.28 in Mumbai, Rs 71.90 in Chennai and Rs 70.71 in Kolkata.
Additionally, late on Friday, the US dollar weakened, helping the Indian rupee, that had hit its all-time low on Thursday night recover and, making imports cheaper for non-dollar currencies.
Fuel prices in India, that had hit its all-time high on May 29, have been fluctuating for over 50 days due to various geopolitical factors. In the month of May, Brent crude passed its $80/barrel mark that was caused from unexpected shortages in global supply due to disruptions in activities in oil-rich countries.