Diesel, petrol price: Oil retailers revise petrol and diesel prices on a daily basis.Petrol and diesel priced were cut by 5 paise per litre on Tuesday across the four metros - Delhi, Mumbai, Kolkata and Chennai.
Petrol and diesel prices were kept unchanged for three days in a row by the state-run oil retailer Indian Oil Corporation.
The cut in prices of petrol and diesel comes after oil prices fell on Tuesday, following heavy losses in the previous session, as two days of weak Chinese data added to worries about the top crude oil importer's energy demand growth.
Brent crude fell 47 cents, or 0.79 per cent, to $58.88 a barrel by, while US West Texas Intermediate (WTI) crude dropped 40 cents, or 0.75 per cent, to $53.19.CityPetrol PriceDiesel PriceDelhi73.2766.41Mumbai78.8869.61Kolkata75.9268.77Chennai76.0970.15Source: Indian OilDomestic oil marketing companies revise petrol and diesel prices on a daily basis and the change in price of petrol and diesel is implemented at the fuel pumps at 6 am every day.Daily revision of petrol and diesel prices was adopted by the state-run oil retailers like Indian Oil in June 2017.The domestic fuel prices are broadly determined by international crude oil prices and the rupee-dollar exchange rate.China has been hit by poor economic data for two straight days.
The National Bureau of Statistics (NBS) reported on Tuesday that China's factory gate prices declined at the fastest pace in more than three years in September.That followed customs data on Monday that showed Chinese imports had contracted for a fifth straight month.The US-China trade dispute also continued to cast a shadow on the global economy, despite claims of progress towards a deal, leaving unanswered questions over future oil demand.(With inputs from Reuters)Get Breaking news, live coverage, and Latest News from India and around the world on TheIndianSubcontinent.com.
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