Oil companies on Sunday revised prices of petrol and diesel for the fourth straight day. While petrol prices have been slashed between 14 paise and 17 paise in four metropolitan cities of Chennai, Delhi, Kolkata and Mumbai, the diesel rates fell between 7 paise and 11 paise. The revised rates were made effective from 6 am on Sunday.
After the price cut, a litre of petrol in Delhi costs Rs 75.79. Diesel now costs Rs 67.54 a litre in Delhi.
Fuel rates had breached record highs before dropping by 1 paisa per litre on May 30. They have continued to fall after that.
State-run oil companies resumed the dynamic pricing mechanism on May 14 after prices were frozen for 19 days between April 24 and May 13, when campaigning was on for the Karnataka Assembly elections. Oil companies are estimated to have lost about Rs 500 crore in the period because of the freeze.