Fuel prices shrink further on Sunday

Fuel prices continued to fall down on Sunday as well. Petrol, diesel prices were slashed by 16 paise and 12 paise respectively. In the national capital Delhi, non-branded petrol was priced at Rs 77.73, down 16 paise compared to Rs 77.89 on Saturday. Similarly, diesel was sold at Rs 72.46 in Delhi compared to yesterday's price of Rs 72.58, according to data available on Indian Oil Corporation website.

In Mumbai, petrol was retailing at Rs 83.24 per litre as against Rs 83.40 yesterday. Diesel was sold at Rs 75.92, down 13 paise compared to Saturday's price.

In other metro cities like Chennai and Kolkata, petrol was priced at Rs 80.73 and Rs 79.65 respectively while diesel was sold at Rs 76.59 and Rs 74.32 respectively.

According to analysts, petrol, diesel prices may continue to fall for some more days as the recent fall in crude oil price has not yet been factored in retail prices in India. Meanwhile, the Indian rupee has also appreciated against the dollar, which is expected to provide further relief to consumers. In Noida, petrol was retailing at Rs 76.00 and diesel was priced at 70.65 after today's revision in prices.

Including today's correction in prices, retail fuel prices have fallen over 10 per cent from its October highs. The drop in retail fuel prices has come on the back of a correction in international crude prices. Brent Crude futures have corrected nearly 20 per cent from its recent highs and are trading near $71 per barrel mark.