Fuel prices fell in four metro cities on Tuesday, with petrol selling at Rs 75.48 per litre and diesel at Rs 66.79 per litre in Mumbai.
The petrol prices were cut between 20 and 22 paise in four cities while the diesel prices were reduced between 18 and 20 paise.
According to the Indian Oil Corp data, petrol prices in Kolkata, New Delhi and Chennai were at Rs 71.96 per litre, Rs 69.86 per litre and Rs 72.48 per litre, respectively, while diesel stood at Rs 65.59 a litre in Kolkata, Rs 63.83 a litre in Delhi and Rs 67.38 a litre in Chennai.
As per the country's dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.
Retail pump price is calculated after adding central excise duty, dealers commission and value-added tax (VAT) to the base price.
The slide in domestic fuel prices comes following a recent decline in global crude due to oversupply concerns.
Brent crude futures were down 58 cents at $53.24 a barrel by 1450 GMT, having fallen from a session high of $54.66, while US crude futures fell 90 cents to trade at $44.69.
Brent fell 11 percent last week and hit its lowest since September 2017, while US futures slid to their lowest since July 2017, bringing the decline in the two contracts to 35 percent so far this quarter.
The price of oil has already fallen by more than 30 percent so far this quarter to its lowest since the third quarter of 2017, as investors have grown increasingly wary of the impact to global growth, and crude demand, from an escalating trade dispute between the United States and China.
(With inputs from agencies)