New Delhi, May 14 (TIWN): The state-run oil marketing companies have slashed the fuel prices across major cities on Tuesday. While the petrol rates have been reduced by 25-26 paise a litre, diesel prices have been cut by 12-13 paise a litre in Delhi, Mumbai, Kolkata and Chennai. In the national capital, the petrol is selling at Rs 71.18 a litre against yesterday’s price of Rs 71.43 a litre, whereas diesel is being sold at Rs 65.86 a litre, 12 paise cheaper than Monday.

In Mumbai, people need to shell out Rs 76.79 a litre for one litre of petrol, whereas for diesel they need to spend Rs 69 a litre. The petrol and diesel prices have been slashed by 25 paise and 13 paise respectively from the previous prices in both the cities. In Kolkata, the petrol and diesel are costing Rs 73.25 a litre and Rs 67.61 a litre respectively. Yesterday, while the petrol was selling at Rs 73.50, Diesel was being sold at Rs 67.73 a litre.

In Chennai, one has to spend Rs 73.88 a litre for one litre of petrol and for the same quantity of diesel, they need to incur Rs 69.61. Yesterday, diesel and petrol were selling at 74.14 and 69.74 respectively.

Despite rising tensions in the Middle East, the international Brent crude and US WT fell on Monday after China said it would impose tariffs on US goods of $60 billion from June1. The oil prices have been under pressure since the world s largest economy US announced its decision of ending sanction waivers on large importers including India of Iranian oil from May 1.

Crude oil prices plummeted after global stock markets cracked on Monday. $62.5 is a resistance for WTI & price could target $60. MCX Crude oil faces resistance at Rs 4370 and selling is advised at a target price of Rs.4250, according to Amit Sajeja, Associate Vice President, Motilal Oswal.