On Tuesday, petrol prices across Indian cities were lowered marginally by 5 paise per litre while diesel rates were left unchanged. Retail prices of fuel are revised by oil marketing companies every morning at 6 am based on international oil prices and exchange rates. These differ from city to city based on state and local governmental taxes imposed on the base price.
Petrol prices per litre were lowered by 5 paise each to Rs 72.80 in New Delhi, Rs 74.82 in Kolkata, Rs 78.37 in Mumbai and Rs 75.56 in Chennai.
It can be noted that these were unchanged on Monday.
So far this year, prices per litre were roughly raised by Rs 4 in these major cities.
Diesel rates per litre were unchanged at to Rs 66.11 in New Delhi, Rs 67.85 in Kolkata, Rs 69.19 in Mumbai and Rs 69.80 in Chennai. There has been an increase of Rs 5 in these prices so far in 2019.
International oil prices slipped from their 5-month highs that were seen Monday as the sluggish outlook on the economy returns.
Brent futures fell by 14 cents or 0.2 percent from its previous close to $71.34 a barrel. In an earlier session on Tuesday, the benchmark touched their strongest level since last November at $71.34 per barrel.
US West Texas Intermediate (WTI) crude oil futures eased by 4 cents below its last settlement to $64.36/barrel.
Despite the hike on Monday, the gains of the bullish commodity have being held from rising further by concerns of a global economic slowdown.