Oil marketing companies today cut petrol and diesel prices, as rates of the fuel continued to soften amid a decline in global crude prices and a firmer rupee. Petrol prices in top metros were cut by 16-17 paise a litre while diesel by 20-22 paise. In Delhi, petrol today retailed at 71.94 a litre - the lowest in about 5 months - while in Kolkata at 74.58 a litre. In Mumbai and Chennai, the fuel retailed at 77.6 a litre and 74.73 a litre respectively.

Coming to diesel, the fuel today cost 64.87 a litre in Delhi - the lowest in seven months - and 67.19 a litre in Kolkata. In Mumbai and Chennai, the fuel retailed at 67.98 a litre and 68.5 a litre respectively.

The retail prices of petrol and diesel in India depend on the international crude prices and the rupee-US dollar exchange rate. India imports about three-fourth of its crude requirements.

Petrol and diesel prices are reviewed by oil marketing companies on a daily basis.

Global crude prices are down to over one-year lows on weaker Chinese demand in the wake of the coronavirus outbreak and concerns about excess global supplies. Oil has dropped more than 25% from a peak in January and are down at below $54 a barrel.

China's crude oil and natural gas imports have tumbled, as most Chinese refiners have significantly cut operations.

Also weighing on oil prices, Russia said it needed more time to decide on a recommendation from a technical committee that has advised the Organization of the Petroleum Exporting Countries (OPEC) and its allies to cut production by a further 600,000 barrels per day (bpd). (With Agency Inputs)

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