Petrol, Diesel Rates Cut Today Marginally In Top Cities: Latest Rates On February 27

Petrol and diesel rates were changed marginally in Delhi, Kolkata, Mumbai and Chennai on Tuesday. Petrol prices and diesel prices in the four metros came down by 2 paise per litre. Effective 6 am, Tuesday, petrol rates were at Rs 71.51 per litre in Delhi, Rs 74.26 per litre in Kolkata, Rs 79.39 per litre in Mumbai and Rs 74.15 per litre in Chennai, according to Indian Oil Corporation's website - iocl.com. Diesel rates were at Rs 62.15 per litre in Delhi, Rs 64.84 per litre in Kolkata, Rs 66.19 per litre in Mumbai and Rs 65.52 per litre in Chennai, according to Indian Oil Corporation - the country's largest fuel retailer.

Here are 10 things to know on petrol and diesel rates on February 27:

1. In February so far, petrol rates have been lowered by a cumulative Rs 1.36-1.48 per litre in the four metros including Tuesday's cut. Diesel rates have been cut by Rs. 1.83-1.98 per litre during this period.
 

	Petrol (Rs per litre)
	27-Feb	26-Feb	31-Dec	1-Jun-17
Delhi	71.51	71.53	69.97	66.91
Kolkata	74.26	74.28	72.72	69.52
Mumbai	79.39	79.41	77.87	78.44
Chennai	74.15	74.17	72.53	69.93
	Diesel (Rs per litre)
Delhi	62.15	62.17	59.64	55.94
Kolkata	64.84	64.86	62.3	58.28
Mumbai	66.19	66.21	63.27	61.67
Chennai	65.52	65.54	62.83	59.22
(Source: iocl.com)

2. On January 31, petrol retailed at Rs. 72.92 per litre in Delhi, Rs. 75.62 per litre in Kolkata, Rs. 80.79 per litre in Mumbai and Rs. 75.63 per litre in Chennai. Diesel retailed at Rs. 64 per litre, Rs. 66.67 per litre, Rs. 68.15 per litre and Rs. 67.5 per litre respectively.

3. So far this year, petrol prices have been revised upwards by Rs 1.52-1.62 per litre across the four metros. Diesel prices have been increased by Rs 2.51-2.92 per litre during this period.

4. Petrol and diesel rates are revised with effect from 6 am every day.

5. Petrol and diesel retailers in the country - with Indian Oil Corporation being the largest - adopted a daily price revision system from June 2017.

6. Since June 1, 2017, petrol rates are up by Rs. 4.6 per litre in Delhi, Rs 4.74 per litre in Kolkata, Rs 0.95 per litre in Mumbai and Rs 4.22 per litre in Chennai. Diesel rates are up by Rs 4.52-6.56 per litre in the four metros.

7. In the current scheme of petrol and diesel price revision, the prices of the two fuels are determined broadly by the global crude oil rates and the rupee-dollar exchange rate.

8. Oil prices extended gains on Tuesday, supported by signs of stronger demand, robust production curbs led by OPEC and a slight fall in US output. US West Texas Intermediate crude for April delivery was up 4 cents at $63.95 a barrel in recent prices.

9. International crude oil prices have been rising since the US Energy Information Administration (EIA) last week said there was a surprise draw on oil stockpiles amid a fall-off in imports and a surge in exports.

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10. The United States will overtake Russia as the world's biggest oil producer by 2019 at the latest, the International Energy Agency (IEA) said on Tuesday. IEA Executive Director Fatih Birol said in Tokyo the United States would overtake Russia as the biggest crude oil producer "definitely next year", if not this year.

(With Reuters inputs)