State-run oil marketing companies (OMCs) reduced domestic fuel prices marginally on Wednesday as global crude oil rates remained weak.

Petrol and diesel rates across the country have been reduced by approximately 15 paise, more than a week after rates were cut. Today’s reduction is an indication that domestic oil prices will continue to fall if global crude oil prices do not rise drastically.

After today’s revision, petrol costs Rs 101.34 per litre in New Delhi and Rs 107.39 in Mumbai. It has come down to Rs 101.72 per litre in Kolkata and just above Rs 99 per litre in Chennai.

Read | Check out yesterday’s fuel prices

Meanwhile, diesel price has been reduced to Rs 88.72 per litre and Rs 96.33 per litre in Mumbai. Diesel is retailing at Rs 91.84 in Kolkata and Rs 93.38 per litre in Chennai after today’s reduction.

While a 15 paise cut in petrol and diesel may not provide relief, it indicates that OMCs are willing to reduce rates in order to provide relief to citizens. A few days ago, the oil minister said petrol and diesel prices would come down soon if global crude oil prices weaken.

At the moment, there is a fair amount of weakness in crude oil rates, but they have not reduced drastically.

A drop in fuel prices is likely to help speed up economic growth as it is likely to bring down inflation, which will lead to a drop in the prices of key commodities and services.

However, the prices need to come down further for substantial relief to citizens.

Petrol, diesel prices in major Indian cities: