Petrol prices were increased by 8 paise per litre in Delhi, Kolkata, Mumbai and Chennai

Oil-marketing companies hiked petrol and diesel prices across the metros on Thursday. Petrol is priced at Rs. 71.25 per litre in New Delhi, Rs. 73.32 per litre in Kolkata, Rs. 76.86 per litre in Mumbai and Rs. 73.95 per litre in Chennai, according to state-run Indian Oil Corporation's (IOC) website, iocl.com. Petrol prices were increased by 8 paise per litre in Delhi, Kolkata, Mumbai and Chennai.

Diesel rates were at Rs. 66.29 per litre in New Delhi, Rs. 68.05 per litre in Kolkata, Rs. 69.46 per litre in Mumbai and Rs. 70.07 per litre in Chennai. In Delhi and Kolkata, the prices were increased by 9 paise per litre. In Mumbai and Chennai, the rates were hiked by 10 paise per litre.

State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel prices with effect from 6 am on a daily basis.

As per the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee. This is because a large proportion of country's requirement is met through imports.

Globally, oil prices dropped by around 1 per cent on Thursday, extending falls from the previous session amid surging US crude inventories and weak demand from refineries, reported news agency Reuters.

Brent crude futures, the international benchmark for oil prices, were at $70.36 per barrel in intraday trade, down 63 cents, or 0.9 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were down by 51 cents, or 0.8 per cent, at $60.91 per barrel.

(With agency inputs)