New Delhi, Mar 1 (IANS): The fuel prices saw further decline as the price of petrol was cut by 17 paise and that of diesel by 21 paise on Sunday.

Petrol now costs Rs 71.71 per litre in Delhi, Rs 77.40 per litre in Mumbai, Rs 74.38 per litre in Kolkata and Rs 74.51 per litre in Chennai after the price cut.

Similarly diesel costs Rs 64.30 a litre in Delhi, Rs 67.34 a litre in Mumbai, Rs Rs 66.63 a litre in Kolkata and 67.86 per litre in Chennai, according to Indian Oil Corporation website.

The prices were reduced after the international crude oil prices witnessed a downward trend due to slump in demand. The Brent also fell by $0.86 per barrel and was trading at $50.50 per barrel after coronavirus deaths and cases increased all over the world.

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.