Currently, petrol and diesel prices are determined broadly by crude oil and forex rates.

Domestic prices of diesel were slashed up to 25 paise across the metros on Sunday, whereas petrol prices were maintained at existing levels except for a 2 paise reduction in Kolkata. In Delhi, the rate of diesel was slashed to Rs 71.58 per litre from Rs 71.82 per litre with effect from 6 am on September 20, but that of petrol was left unchanged at Rs 81.14 per litre, according to notifications from Indian Oil Corporation (IOC), the country’s largest fuel retailer. Similarly, in Mumbai, the price of diesel was cut by 25 paise to Rs 78.02 per litre from Rs 78.27 per litre (Also Read: How To Find Latest Petrol, Diesel Rates In Your City)

Here are the prices of petrol and diesel (in rupees per litre) in the four metros on September 20:

Source: Indian Oil

State-run oil marking companies such as Indian Oil Corporation currently review the petrol and diesel prices on a daily basis, and implement any revisions at fuel stations with effect from 6 am. Indian Oil, Bharat Petroleum and Hindustan Petroleum account for the majority of fuel stations in the country

Domestic fuel prices are determined by factors such as the rates of global crude oil and the rupee-dollar currency exchange, and vary in different parts of the country due to local taxes.

On Friday, brent crude futures – the global benchmark for crude oil – fell 0.35 per cent to settle at $43.15 per barrel, having hovered in a range of $42.53-43.80 per barrel during the session.

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