Brent Crude  

Petrol prices have been cut by more than Rs 5.49 per litre and diesel by Rs 3.82 in the past one month in Mumbai.

The US on Monday imposed "the toughest ever" sanctions on a defiant Iran aimed at altering the Iranian regime's "behaviour". The sanctions cover Iran's banking and energy sectors and reinstate penalties for countries and companies in Europe, Asia and elsewhere that do not halt Iranian oil imports.

The other five countries that have got relief from America include a surprise entry, China, with which the Donald Trump administration is still negotiating the terms
 

The government revised the prices last week. After the revision, petrol is being sold at Rs 82.48 per litre, while diesel rates have escalated to Rs 74.90 in the national capital.

Traders said the sudden fall is due to Brent crude oil breaching the $84 mark and the US currency strengthened overseas. Unabated foreign fund outflows also weighed on the local currency. 

The Brent crude oil prices fell by more than 1 per cent on Monday after the US said it may grant waivers to sanctions against Iran's oil exports next month

 From sending Rohingyas to Myanmar to reduction of fuel prices, here are today's top headlines on My Nation in 100 seconds

At the Interbank Foreign Exchange (forex) market, the domestic currency dropped 43 paise to 73.34 against the US dollar in the early trade