Currently, petrol and diesel prices are reviewed on a daily basis by oil marketing companies such as state-run Indian Oil.

Any revisions in fuel rates are implemented at the fuel stations at 6 am.

In Kolkata, the price of petrol was Rs 77.10 per litre on Monday and that of diesel stood at Rs. 69.75 per litre. In Chennai, petrol and diesel rates were Rs 77.36 per litre and 71.19 per litre respectively.

Domestic fuel prices are influenced by factors such as the rupee-dollar foreign exchange rate and international prices crude oil prices.

The rupee declined by as much as 31 paise against the US dollar to touch 70.87 on Monday, amid rising demand for the greenback overseas.

The prices of petrol and diesel have been hiked around 3 per cent in the past fortnight, after attacks on key oil facilities in Saudi Arabia caused the worst disruption to world supplies on record.

In Delhi, petrol and diesel prices have been raised by Rs 2.25 a litre and Rs 1.75 a litre during this period.

Top oil exporter Saudi Arabia has restored capacity to 11.3 million barrels per day, sources told news agency Reuters last week, although Saudi Aramco has yet to confirm it is fully back online.

Globally, oil prices slipped on Monday as China's economic outlook remained weak even as manufacturing data improved as an ongoing trade war with the United States weighs on demand growth at the world's largest crude importer.