The price of petrol and diesel stood at Rs 74.04 and Rs 67.15 per litre respectively in Delhi.

State-run oil marketing companies slashed petrol and diesel prices on Saturday, marking a third consecutive day of reduction in the fuel rates. With effect from 6 am on Saturday, the price of petrol was at Rs 74.04 per litre in Delhi and Rs 79.65 per litre in Mumbai, according to notifications from Indian Oil Corporation (IOC). Petrol prices were cut by up to 29 paise per litre in Delhi and Mumbai, compared to the previous day's rates, data from Indian Oil showed. The price of diesel stood at Rs 67.15 per litre and Rs. 70.39 per litre in Delhi and Mumbai respectively.

(Also read: How to receive today's petrol and diesel rates in your city through SMS)

Currently, petrol and diesel prices are reviewed on a daily basis by oil marketing companies such as state-run Indian Oil. Any changes are implemented at the fuel pumps with effect from 6 am.

Here are the prices of petrol and diesel in the four metros - Delhi, Mumbai, Chennai and Kolkata - today:

City Petrol price (in rupees per litre) Diesel price (in rupees per litre) Delhi 74.04 67.15 Kolkata 76.67 69.51 Mumbai 79.65 70.39 Chennai 76.90 70.94 (Source: Indian Oil Corporation)

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

The rupee on Friday closed almost flat at 70.88 against the dollar after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point.

Globally, oil prices rose about 1 per cent on Friday as an increase in US jobs eased some financial market concerns that a slowing global economy could dent oil demand, but crude fell more than 5 per cent on the week, its second consecutive weekly decline.

On Thursday, Saudi Arabia's energy minister Prince Abdulaziz bin Salman said that the country has fully restored oil output after attacks on its facilities last month and is now focused on the listing of state oil giant Saudi Aramco. The kingdom's crude oil production capacity is now 11.3 million barrels per day, he added.