New Delhi, Jan 20 (TIWN) Fuel prices were further cut on fifth consecutive day across all major cities on Monday. The price of petrol was cut by 10-12 paise and that of diesel by 19-20 paise on Monday bringing relief to the consumers.

The petrol now costs Rs 74.98 a litre in Delhi, Rs 80.58 a litre in Mumbai, Rs 77.58 a litre in Kolkata and Rs 77.89 a litre in Chennai after the price cut.  Similarly, diesel costs Rs 68.26 a litre in Delhi, Rs 71.57 a litre in Mumbai, Rs 70.62 per litre in Kolkata and Rs 72.13 a litre in Chennai, according to the Indian Oil Corporation website.  Fuel prices have been slashed for the fifth consecutive day. In the last ten days petrol became cheaper by 98 paise and diesel by Rs 1.85. 

The retail prices of fuel are dependent on the international crude prices and the rupee-US dollar exchange rate as India imports almost 80 per cent of its crude requirements.  Domestic petrol and diesel prices are reviewed by oil marketing companies on a daily basis. Price revisions are implemented at the fuel stations with effect from 6 a.m.