Fuel prices dipped further on Thursday after slump in international crude oil rates following the outbreak of coronavirus in China. The price of petrol was cut by 17 paise and that of diesel by 19 paise a litre across all major cities on Thursday.

The petrol now costs Rs 74.65 a litre in Delhi, Rs 80.25 a litre in Mumbai, Rs 77.25 a litre in Kolkata and Rs 77.54 a litre in Chennai after the price cut.

Similarly, diesel costs Rs 67.86 a litre in Delhi, Rs 71.15 a litre in Mumbai, Rs 70.22 per litre in Kolkata and Rs 71.70 a litre in Chennai, according to the Indian Oil Corporation website.

Petrol and diesel prices have been continuously declining since January 12. 

Brent crude fell by more than 2 per cent to $62.17 per barrel following the outbreak of coronavirus in China, negatively impacting the demand. 

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.