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Fuel prices, for the tenth consecutive day, was marginally lowered on Friday. As per prices announced by largest retailer Indian Oil Corp (IOC), petrol prices fell around 21 paise in the four metro cities, while diesel prices were down by around 15 paise. In Delhi, petrol per litre on Friday cost Rs 77.42, down from 77.63 on Thursday. Similarly, in Mumbai and Kolkata, petrol prices were at Rs 85.24 and Rs 80.07 a litre respectively. In Chennai, petrol fell by 22 paise to Rs 80.37 per litre. Diesel prices were down by 15 paise in Delhi, Mumbai and Kolkata. In Chennai, its price was down by 16 paise. On Thursday, petrol prices were reduced by 9 paise, while diesel prices were cut by 7 paise in Delhi. Even after ten consecutive price cuts, fuel prices continue to remain at high levels following the resumption of daily price changes after a 20-day suspension of the system last month owing to the Karnataka elections. After 16 consecutive days of hike post the election...

Petrol & diesel India's state-owned fuel retailers plan to implement daily revision of fuel price in five cities from May 1 ahead of a nationwide roll out of the scheme, industry sources said. To begin with, daily revision of fuel prices will be implemented in Puducherry and Vizag in southern India, Udaipur in the West, Jamshedpur in the East and Chandigarh in the North, they said. State refiners currently revise fuel prices every fortnight to reflect volatility in the currency and global oil markets. State refiners - Indian Oil Corp (IOC), Bharat Petroleum Corp (BPCL) and Hindustan Petroleum Corp (HPCL) - operate 90 per cent of the retail outlets in the country. The three have upto 200 fuel stations in the five cities, the sources said. The roll out of "daily dynamic pricing" in five cities will help them identify the problems ahead of a nationwide roll out of the scheme later this year, the sources, who did not wish to be identified because of the se...