Petrol, diesel price: Domestic fuel prices are determined broadly by crude oil and exchange rates

Petrol and diesel prices were lowered on Tuesday, marking a sixth straight day of downward revision. While the price of petrol was lowered by 17-18 paise per litre in the four metros - Delhi, Mumbai, Kolkata and Chennai, the price of diesel was decreased by 10-11 paise per litre in Tuesday compared with the previous day's rates, according to data from Indian Oil Corporation. Currently, the prices of petrol and diesel are reviewed by oil marketing companies such as state-run Indian Oil on a daily basis, and any revisions implemented at fuel stations with effect from 6 am. (Also read: How to receive today's petrol and diesel rates in your city through SMS)

With effect from 6 am on Tuesday, October 8, the price of petrol was revised to Rs 73.59 per litre in Delhi from Rs 73.76 per litre the previous day, data from Indian Oil Corporation showed. The price of diesel was lowered to Rs 66.81 per litre in the national capital, from Rs 66.91 per litre the previous day.

In Mumbai, the price of petrol stood at Rs 79.20 per litre and diesel at Rs 70.03 per litre on Monday, according to notifications from Indian Oil Corporation. The petrol and diesel rates were Rs 79.37 per litre and Rs 70.14 per litre in the city the previous day.

Here are the petrol and diesel rates in the four metros (Delhi, Kolkata, Mumbai and Chennai) today:

City Petrol price in rupees per litre Diesel price in rupees per litre Delhi 73.59 66.81 Kolkata 76.23 69.17 Mumbai 79.20 70.03 Chennai 76.43 70.57 (Source: Indian Oil Corporation)

The domestic petrol and diesel prices are determined broadly by the international crude oil prices and the rupee-dollar exchange rates.

The rupee dropped by 14 paise to end at 71.02 against the US dollar on Monday, amid profit booking in domestic equities and unabated foreign fund outflows. The 10-year government bond yield declined to 6.68 per cent from 6.69 per cent the previous day. Market sentiment remained fragile ahead of the US-China trade meeting, say analysts.

Crude oil prices rose on Tuesday, as unrest in oil-producing countries Iraq and Ecuador raised concerns of supply disruption. Brent crude futures - the international benchmark for crude oil - rose 0.51 per cent to $58.65 a barrel.

Brent crude futures had hit $71.95 per barrel last month after an attack on Saudi Arabian oil facilities shut about 5 per cent of global supply. A faster-than-expected resumption in Saudi Arabia's production since then has exerted downward pressure on oil prices.

The price of petrol has been reduced by a cumulative Rs 1.02 per litre - or 1.37 per cent - in Delhi over a period of six days. The rate of diesel has been lowered by 68 paise per litre - or 1.01 per cent - in the national capital during this period.