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Easing of tensions between the US and Iran has helped in bringing down the fuel prices in Mumbai and other parts of the country slightly. Monday is the second consecutive day when the prices of fuel have come down. 

On Monday, the price of petrol fell by 10 paise while that of diesel was down by 5 paise. In Mumbai, petrol now costs Rs 81.39 per litre and Diesel is at Rs 71.43 per litre.  After the reduction in price, petrol costs Rs 75.80 a litre in Delhi, Rs 78.38 a litre in Kolkata and Rs 78.76 a litre in Chennai.  Diesel costs Rs 69.06 a litre in Delhi, Rs 71.43 per litre in Kolkata and Rs 72.99 a litre in Chennai. These prices are as shared by Indian Oil Corporation Limited on their website. 

It is noteworthy that the retail prices of fuel are dependent on the global crude prices and the rupee-US dollar exchange rate. Currently, India imports 80 per cent of its crude requirements from other countries.  The retail prices of petrol and diesel in India are reviewed by the oil marketing companies on a daily basis. The price revisions, if any, are implemented at the fuel stations across the country from 6:00 am.

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