Agencies Image Credit: IOCL

Amid falling crude prices , oil marketing companies have slashed petrol and diesel prices by over Rs 2 on Holi, i.e. on March 10. However, there is no cut in prices today.As per Indian Oil website, petrol was selling at Rs 72.98 and diesel at Rs 65.34 in the national capital on Monday. On Tuesday, OMCs cut petrol prices by Rs 2.69 and that of diesel by Rs 2.33 in Delhi. So now in Delhi you will have to pay just Rs 70.29 for petrol and Rs 63.01 for diesel.Oil marketing companies have been cutting fuel prices since February 27 amid falling crude prices. On Monday, international oil prices crashed by close to 31 per cent, the second-largest margin on record, after the disintegration of the OPEC+ alliance triggered an all-out price war between Saudi Arabia and Russia.Brent futures plummeted to about USD 31 a barrel on Monday as Goldman Sachs warned prices could drop to near USD 20.For India, which imports over 84 per cent of its oil needs, the slump would lead to lower import bill and a cut in retail prices.Retail prices of the day are based on average price of benchmark international fuel of the preceding fortnight. And the drop in prices to USD 31 will get reflected in retail prices over the next 7-10 days.