Prices of petrol and diesel were cut for the third straight day today across the country.  While price of petrol was cut by 48 to 50 paise, diesel became cheaper by 19 to 20 paise in the country. Petrol price was cut by 48 paise to Rs 72.15 per litre in Delhi. Diesel in the city too has become cheaper by 19 paise to Rs 66.28. Similarly, petrol was selling at Rs 77.75 per litre, 48 paise down from Friday's Rs 78.23 price in the country's financial capital Mumbai.

Diesel in the city was selling 20 paise cheaper at Rs 69.45 compared to Rs 69.65 per litre yesterday. In Kolkata, petrol prices were cut by 47 paise and the fuel was selling at Rs 74.21 per litre. Diesel rates were slashed from Rs 69.23 per litre to Rs 68.04. In Chennai, petrol prices fell 50 paise on Saturday to Rs 74.90 compared to Rs 75.40 yesterday.

Diesel was selling 20 paise cheaper at Rs 70.06 per litre in the southern city.

In Noida, petrol price was cut from Rs 71.90 to Rs 71.52 per litre while diesel became 17 paise cheaper and was retailing at Rs 65.25 per litre.

State-run oil marketing companies (OMC) - Indian Oil Corporation, Hindustan Petroleum Corporation and Bharat Petroleum revise petrol and diesel prices on a daily basis.

The three OMCs operate over 54,000 petrol pumps in the country.

OMCs started the practice of revising fuel prices in line with international oil prices on a daily basis on May 1, 2017. Before then, fuel prices were revised on a fortnightly basis.

Globally, oil prices were mostly steady on Friday, ending the week slightly lower as trade tensions stoked by a US move to hike tariffs on Chinese goods overshadowed tightened global supplies and expectations of rising US refining demand, reported news agency Reuters.

Brent crude oil settled 23 cents, or 0.4 per cent, higher at $70.62 a barrel, but posted a weekly loss of 0.3 per cent. US West Texas Intermediate (WTI) crude futures ended 4 cents lower at $61.66, with a weekly loss of 0.5 per cent. 

Edited by Aseem Thapliyal