Oil marketing companies today cut diesel prices for the second consecutive day while petrol prices remained unchanged. Diesel rates were lowered by 5 paise to 64.77 a litre in Delhi. In other metros, too, diesel prices were cut by a similar margin. In Kolkata, diesel today cost 67.09 a litre, in Mumbai 67.87 a litre and in Chennai at 68.4 a litre. Diesel prices were cut by a similar margin on Thursday.

In Delhi, petrol today cost 71.94 a litre - the lowest in about 5 months. In Kolkata, the fuel retailed at 74.58 a litre, in Mumbai at 77.6 a litre and in Chennai at 74.73 a litre.

Oil marketing companies revise petrol and diesel prices on a daily basis and they come into effect from 6 am.

Fuel prices in India, depend on the international crude prices and the rupee-US dollar exchange rate, have come off as global oil rates have fallen sharply from their recent highs.

India imports about three-fourth of its crude requirements. Crude prices have plunged about 20% from their 2020 peaks on January 8 amid worries about a decline in demand from China.

Today oil prices were steady at $56.35 a barrel but is 3.4% higher for this week on the assumption that major producers will implement deeper output cuts to offset slowing demand in China caused by the coronavirus epidemic.

Earlier this week, oil marketing companies sharply hiked the price of non-subsidised liquefied petroleum gas (LPG) cylinders, the sixth hike in as many months. A 14.2 kg non-subsidised Indane LPG cylinder is now priced at 858.5 in New Delhi, a sharp hike of 144.5 from its last revision on 1st January. (With Agency Inputs)

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