New Delhi: On Friday, after the daily revision in retail fuel prices, petrol prices rose for the second consecutive day by 7-8 paise across the country while oil marketing companies have again lowered diesel prices by 10-11 paise. In the national capital Delhi, petrol costs Rs 72.55 a litre as compared with Rs 72.48 a litre on Thursday while diesel is retailing at Rs 67.22 a litre, 10 paise decrease from yesterday’s price, according to data from Indian Oil Corporation website.

After today’s rate revision, in Kolkata, the prices of petrol and diesel are Rs 74.63  a litre and Rs 69.01 per litre respectively. Petrol was sold at Rs 74.56 a litre while the price of diesel was Rs 69.11 per litre in Kolkata on Thursday.  Similarly, petrol prices in Mumbai and Chennai surged by 10 paise and 11 paise to Rs 78.17 and Rs 75.35 per litre, respectively. In Mumbai and Chennai, diesel became cheaper by 10 paise and 11 paise each to Rs 70.42 and Rs 71.04 per litre on Thursday.

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It may be noted that retail petrol price had peaked to Rs 84 a litre in Delhi in October 2018 and it crossed the Rs 91 mark in Mumbai. The retail fuel prices in India depend on both the international oil price and the rupee-dollar exchange rate. Since the beginning of this year, the retail price of petrol was raised by about Rs 4 a litre and that of diesel by about Rs 5 a litre.

However,  in the international oil market, crude prices are stable as production cuts by OPEC and US curbs against Iran and Venezuela likely created a slim shortfall in global supply in the first quarter of 2019. International Brent crude oil futures were trading at USD 67.15 per barrel, down 8 cents from their last close.

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