Petrol prices remain unchanged on Sunday, diesel declines

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Petrol prices across the four metropolitan cities remained unchanged on Sunday, while the cost of diesel continued to decline.

In the national capital, petrol on Sunday sold at Rs 70.34 per litre, at the same price of the previous day, data on the Indian Oil Corporation website showed.

Prices in the other key cities of Kolkata, Mumbai and Chennai on Sunday remained at Rs 72.43, Rs 75.96, Rs 72.99 per litre, respectively, as on the previous day.

The price of petrol rose for the first time in two months on Thursday and remained unchanged on Friday.

As per the country's dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee. The rupee falling in value against the US dollar by over three per cent during this week has offset gains from lower crude oil prices.

The cost of diesel continued to decline with the fuel being sold at Rs 64.38 per litre in Delhi on Sunday, down from the previous level of Rs 64.50.

In Kolkata, Mumbai and Chennai, diesel was priced at Rs 66.14, Rs 67.38 and Rs 67.97 respectively, against Saturday's respective levels of Rs 66.26, Rs 67.50 and Rs 68.10.

UK Brent crude traded around $61 per barrel on Friday after rising nearly two per cent the day before, following the oil producers' agreement to cut output by 1.2 million barrels a day from January to shore up falling prices that have slid sharply from the level of $86 a barrel in October.

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