Petrol and diesel price witnessed a cut on Sunday as well.

Petrol prices were reduced by 20-21 paise across the country on Saturday. Diesel prices, on the other hand, were cut by 18-19 paise. Petrol now costs 70.07 per litre in Delhi, 75.69 in Mumbai, 72.70 in Chennai and 72.16 in Kolkata. A litre of diesel, on the other hand, costs 64.01 in Delhi, 66.98 in Mumbai, 67.59 in Chennai and 65.77 in Kolkata.

The decline comes amid downward movement in global crude oil prices.

Oil retailers use a complex formula comprising a 15-day average of crude oil price and the exchange rate of the rupee against the US dollar to compute the daily retail price of petrol and diesel.

Oil prices fell on Friday to their lowest since the third quarter of 2017, heading for losses of more than 11% in a week, as global oversupply kept buyers away from the market ahead of holidays over the next two weeks.

Brent crude fell 53 cents, or nearly 1%, to settle at $53.82 a barrel, after falling during the session to $52.79 a barrel, the weakest since September 2017.

U.S. light crude oil settled down 29 cents at $45.59 a barrel, after earlier touching a session low of $45.13 a barrel.

(With inputs from Reuters)

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