New Delhi, Jan 19 (IANS): Fuel prices continued downward spiral for the fourth consecutive day on Sunday. The price of petrol was cut by 17-19 paise and that of diesel by 16-18 paise across all major cities.

The petrol now costs Rs 75.09 a litre in Delhi, Rs 80.68 a litre in Mumbai, Rs 77.68 a litre in Kolkata and Rs 78.01 a litre in Chennai after the price cut.

Similarly, diesel costs Rs 68.45 a litre in Delhi, Rs 71.77 a litre in Mumbai, Rs 70.81 per litre in Kolkata and Rs 72.33 a litre in Chennai, according to the Indian Oil Corporation website.

This is the fourth consecutive day when fuel prices have been slashed across all major cities.

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.