Fuel prices fell in the range of 16 paise to 19 paise for the second consecutive day on Friday, with petrol and diesel at Rs 77.10 per litre and Rs 71.93 per litre, respectively in the National Capital Region (NCR).
According to the Indian Oil Corp data, petrol prices in Kolkata, Mumbai and Chennai were at Rs 79.04 per litre, Rs 82.62 per litre and Rs 80.07 per litre, respectively, while diesel stood at Rs 73.79 a litre in Kolkata, Rs 75.36 in Mumbai and Rs 76.02 a litre in Chennai.
Petrol prices have been cut by more than Rs 5.67 per litre and diesel by Rs 3.99 in the last one month in Mumbai on softer international rates.
The US crude oil prices have fallen as much as 18 percent in the last two weeks on the back of a surge in supply and increasing concerns about an economic slowdown. Fuel prices in India have fallen about 2 percent in the same time period.
As per the country's pricing mechanism, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.
Prices vary from region to region due to local taxes as the product is excluded from the Goods and Services Tax (GST) regime. New Delhi already has the lowest tax rate among the four metro cities.
(With inputs from agencies)