Fuel prices continued the downward trend on Tuesday, with petrol and diesel recorded at Rs 83.92 per litre and Rs 76.57 per litre, respectively in Mumbai.
In New Delhi, Kolkata and Chennai, petrol was at Rs 78.42 per litre, Rs 80.33 per litre and Rs 81.46 per litre, respectively, while diesel stood at Rs 73.07 a litre in New Delhi, Rs 74.93 a litre in Kolkata and Rs 77.24 a litre in Chennai.
Petrol price has been cut by more than Rs 4.37 per litre and diesel by Rs 2.78 in the last 21 days in Mumbai, on softer international rates, a pace faster than the spike in prices witnessed in the two-month period beginning mid-August.
As per the country's pricing mechanism, under the daily dynamic pricing regime, 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 GST regime. Delhi has the lowest tax rate among the four metro cities.
The United States snapped sanctions back in place on Monday to choke off Iran's oil and shipping industries, while temporarily allowing top customers such as China and India to keep buying crude from the Islamic Republic.
(With inputs from agencies)