New Delhi: On Tuesday (April 16), following the daily revision in retail fuel prices, petrol prices fell by 5 paise across the country while oil marketing companies have raised diesel prices by 5 paise. In the national capital Delhi, petrol costs Rs 72.93 a litre as compared with Rs 72.98 a litre on Monday diesel is retailing at Rs 66.31 a litre, 5 paise increase from yesterday’s price, according to data from Indian Oil Corporation website.Worth mentioning here is that state-run oil marketing companies on Monday hiked the retail prices of petrol by 5-6 paisa per litre, while diesel prices remained stable across four major cities in the country.

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In all four metro cities, in Mumbai, the prices of petrol and diesel are Rs 78.50 a litre and Rs 69.40 per litre respectively. Petrol was sold at Rs 78.55 a litre while the price of diesel was Rs 69.35 per litre in Mumbai on Monday. Similarly, petrol prices in Kolkata and Chennai slashed by 5 paise to Rs 74.95 and Rs 75.69 per litre, respectively. In Kolkata and Chennai, diesel became dearer by 5 paise to Rs 68.05 and Rs 70.01 per litre on Tuesday. It is worth noting that retail petrol price had climbed to Rs 84 a litre in Delhi in October 2018 and it crossed the Rs 91 mark in Mumbai. The fuel prices in India depend on both the global crude 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. The price of Brent crude rose about 7 per cent in the last one month, with Brent past 70/dollar mark, and this sudden increase has raised India’s import bills.

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To be noted that on Tuesday, in the international oil market, crude prices fell amid expectations that Russia and OPEC may increase crude output  to fight for market share. International Brent crude oil futures were trading at USD 71.08 per barrel, down 10 cents, or 0.1 per cent,  from their last close.