New Delhi: Petrol prices were slashed for the fifth straight day on Tuesday. Petrol price in Delhi fell below the 70 per litre mark to 69.79 after today’s price revision. Meanwhile, diesel rates in Delhi remained unchanged at 63.83. In Mumbai, petrol is being sold at 75.41, 7 paise cheaper than Monday. Diesel price in the country’s financial capital remained unchanged at 66.79. Petrol now costs 72.41 in Chennai, 71.89 in Kolkata and 70.35 in Bengaluru. A litre of diesel, on the other hand, costs 67.38 in Chennai, 65.95 in Kolkata and 64.18 in Bengaluru.

On Monday, petrol was sold at 70.27 a litre in Delhi, 75.89 in Mumbai, 73.11 in Chennai and 72.36 in Kolkata. In Delhi, Mumbai, Chennai and Kolkata, diesel was priced at 64.19, 67.17, 68.10 and 65.95.

Oil prices slumped over 6 percent to the lowest level in more than a year on Monday, as fears of an economic slowdown rattled the market. US crude futures and global benchmark Brent hit their lowest levels since 2017 during the session, putting both benchmarks on track for losses of about 40% in the fourth quarter.

Petrol and diesel prices depend on international prices of crude and the rupee-US dollar exchange rate since India imports almost 80% of its oil requirement. Prices of petrol and diesel, which are market determined, are changed on a daily basis.

Prices of petrol and diesel vary across the country as states and Union Territories levy their own rate of VAT (value-added tax). The government had cut the excise duty on fuel prices in October to tackle increasing prices of petrol and diesel.

-With inputs from Reuters

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