Mumbai, February 12: Fuel prices in India continued to fall for the fifth straight day on Monday. Petrol price across all the metro cities including Delhi, Kolkata, Mumbai and Chennai saw a dip of 21-22 paise per litre on Monday while the price of diesel was down by 28-30 paise per litre. As per details on the Indian Oil Corporation's website, petrol on Monday was priced at Rs 80.87 per litre in Mumbai, Rs. 73.01 per litre in the national capital, Rs. 75.7 per litre in Kolkata, and Rs. 75.73 per litre. Similarly, diesel rates were at Rs 67.75 per litre in Mumbai, Rs 63.62 per litre in Delhi, Rs 66.29 per litre in Kolkata and Rs 67.09 per litre in Chennai, according to Indian Oil.

The prices in international markets have been fluctuating and are being reflected in domestic rates. Petrol rates have gone down 37-39 paise per litre since February 7 while diesel rates have been cut by 60-64 paise per litre during the same period. It must be noted that the fuel prices are determined broadly by the global crude oil rates.

Prices of Petrol on February 12,  2018

Metros Prices
Delhi Rs 73.01
Kolkata Rs 75.70
Mumbai Rs 80.87
Chennai Rs 75.73

Prices of Diesel on February 12,  2018

Metros Prices
Delhi Rs 63.62
Kolkata Rs 66.29
Mumbai Rs 67.75
Chennai Rs 67.09

Petrol and diesel rates are revised with effect from 6 am every day. Petrol and diesel retailers in the country - with Indian Oil Corporation being the largest - adopted a daily price revision system in June last year. In June 2017, state-owned oil companies including IOC, Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) dumped the 15-year old practice of revising rates on 1st and 16th of every month.

The oil companies adopted a dynamic daily price revision to instantly reflect changes in cost. Rates during the first fortnight starting June 16 dropped but have been on the rise since depending on the international markets.

Earlier the IOC had said in its statement that the current level of international product prices of petrol and diesel and Rupee-US Dollar exchange rate warrant increase in selling price of petrol and diesel, the impact of which is being passed on to the consumers with this price revision.  It said the movement of prices in the international oil market and foreign exchange rate shall continue to be monitored closely and developing trends of the market will be reflected in future price changes.

(The above story first appeared on LatestLY on Feb 12, 2018 12:50 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).