Fuel prices fall on Sunday after rise for three days

New Delhi, Jan 12 (IANS) Some relief for consumers as fuel prices fell on Sunday after rise for three consecutive days. The price of petrol fell by 10-12 paise a litre while that of diesel by 6-7 paise per litre in all major cities across the country.In Delhi, petrol costs Rs 75.90 a litre, Rs 81.49 a litre in Mumbai, Rs 78.48 a litre in Kolkata and Rs 78.86 a litre in Chennai after the decrease in price. Similarly, diesel costs Rs 69.11 a litre in Delhi, Rs 72.47 a litre in Mumbai, Rs 71.48 per litre in Kolkata and Rs 73.04 a litre in Chennai, according to Indian Oil Corporation website. The decrease in prices came after Brent crude prices fell after de-escalation of tensions between the US and Iran in the Middle East. The retail prices of fuel are dependent on the global crude prices and the rupee-US dollar exchange rate as India imports 80 per cent of its crude requirements. Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 a.m.
--IANS
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