Globally, oil prices fell by around 1 per cent on Monday, extending losses of over 3 per cent from Friday

Petrol and diesel prices were cut by oil marketing companies on Monday, marking a fifth straight day of reduction in the fuel rates. With effect from 6 am on Monday, the price of petrol was at Rs. 71.30 per litre in New Delhi, Rs. 73.54 per litre in Kolkata, Rs. 76.98 per litre in Mumbai and Rs. 74.08 per litre in Chennai, according to state-run Indian Oil Corporation's (IOC) website, iocl.com. Petrol prices were decreased by 20 paise in New Delhi, 17 paise in Kolkata, 18 paise in Mumbai and 19 paise per litre in Chennai compared to the previous day's rates.

On Monday, the rate of diesel was at Rs. 65.76 per litre in New Delhi, Rs. 67.68 per litre in Kolkata, Rs. 68.97 per litre in Mumbai and Rs. 69.58 per litre in Chennai. In Delhi, Mumbai and Chennai, the prices were slashed by 40 paise per litre compared to the previous day. In Kolkata, the rates were cut by 38 paise per litre.

(Diesel rates stood at Rs. 65.76 per litre in New Delhi​)

State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum review fuel prices on a daily basis, and any revisions are implemented at the fuel stations with effect from 6 am. The domestic fuel prices are determined broadly by the global crude oil and rupee-dollar forex rates. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum review fuel prices on a daily basis, and any revisions are implemented at the fuel stations with effect from 6 am. The domestic fuel prices are determined broadly by the global crude oil and rupee-dollar forex rates. Globally, oil prices fell by around 1 per cent on Monday, extending losses of over 3 per cent from Friday, when crude markets slipped to their biggest monthly losses in six months amid stalling demand and as trade wars fanned fears of a global economic slowdown, reported news agency Reuters.

Front-month Brent crude futures - the international benchmark for crude oil - were at $61.28 per barrel in intraday trade. That was 71 cents, or 1.1 per cent, below Friday's close.

(With agency inputs)