New Delhi, Jan 16 (IANS): After no change on Wednesday, the fuel prices dropped on Thursday as the price of petrol was cut by 15 paise and that of diesel by 14 paise across all major cities in the country.

Petrol now costs Rs 75.55 a litre in Delhi, Rs 81.14 a litre in Mumbai, Rs 78.23 a litre in Kolkata and Rs 78.49 a litre in Chennai after price cut.

Smilarly, diesel costs Rs 68.92 a litre in Delhi, Rs 72.27 a litre in Mumbai, Rs 71.29 per litre in Kolkata and Rs 72.83 a litre in Chennai, according to Indian Oil Corporation website.

Crude oil rates which had gone above $70 a barrel in international market have eased a little bit and is now hovering around $64 a barrel after the threat of conflict between the US and Iran receded further.

The retail prices of fuel are dependent on the global crude prices and the rupee-US dollar exchange rate as India imports 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.