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India imports more than 80 percent of its crude oil requirements through imports.
For the fourth consecutive day, petroleum marketing companies (WTO) have cut gasoline and diesel prices. On Sunday, according to the IOC (Indian Oil Corporation) rate chart, gasoline is sold at Rs. 76.37 per liter in Delhi and at Rs. 83.82 per liter in Mumbai. The prices of gasoline in Kolkata and Chennai are at Rs. 79.20 per liter and Rs. 79.33 per liter respectively. The diesel can be bought at Rs. 67.98 per liter in Delhi. Diesel prices are at Rs. 72.17 per liter in Mumbai, Rs. 70.63 per liter in Calcutta and Rs. 71.79 per liter in Chennai, said IOC, the country's largest fuel retailer.
Rates quoted above are applicable from 6 am State-run oil trading companies, Indian Oil, Bharat Petroleum and Hindustan Petroleum, review fuel prices starting at 6 am each day. The government has allowed the review of fuel rates on a daily basis since mid-June last year to instantly reflect cost changes.
Fuel prices in Delhi reached a record high of Rs. 78.43 per liter for gasoline and Rs. 69.31 per liter for diesel on May 30 of this year, which were reduced later. India imports more than 80 percent of its crude oil needs through imports.
Oil prices rose slightly on Friday, weakening the dollar and oil exports expected in August supporting the market. the supply increases, reports the Reuters news agency.
Despite the progress of the day, prices remained on track for a third consecutive weekly decline, as price hikes weighed on prices during the week
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