New Delhi: Fuel prices were dropped further on Saturday after international crude oil rates fell sharply following the outbreak of Coronavirus in China.
The price of petrol was cut by 27 paise and that of diesel by diesel by 30 paise a liter across all major cities on Saturday.
The petrol now costs Rs 74.16 a liter in Delhi, Rs 79.76 a liter in Mumbai, Rs 76.77 a liter in Kolkata and Rs 77.03 a liter in Chennai after the price cut.
Similarly, diesel costs Rs 67.31 a liter in Delhi, Rs 70.56 a liter in Mumbai, Rs 69.67 per liter in Kolkata and Rs 71.11 a liter in Chennai, according to the Indian Oil Corporation website.
Brent crude was trading at $60.56 per barrel on Saturday morning, down by 2.43 percent from the previous close of $62.07 per barrel on fears of a slump in demand following the outbreak of deadly Coronavirus in China.
The retail prices of fuel are dependent on the international crude prices and the rupee-US dollar exchange rate as India imports almost 80 percent of its crude requirements.
Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 a.m.