Diesel prices, on the other hand, were cut by 19-22 paise. Petrol now costs Rs 70.27 per litre in Delhi, Rs 75.89 in Mumbai, Rs 73.11 in Chennai and Rs 72.36 in Kolkata. Globally, brent crude prices fell 32 cents a barrel to $54.03 on Friday after earlier touching $52.79 a barrel, its weakest since September 2017. Petrol and diesel prices depend on international prices of crude and the rupee-US dollar exchange rate since India imports almost 80% of its oil requirement. Since October, global oil prices have tumbled nearly 30% amid concerns over oversupply and worries on global growth.

Source: Mint December 22, 2018 10:18 UTC