Fuel prices paused on Wednesday after declining for about two weeks, with petrol and diesel prices at Rs 85.04 a litre and Rs 77.32 a litre, respectively in Mumbai.
Petrol and diesel prices are at their lowest levels in two months across all major cities. Petrol is down Rs 6.30 from the record level of Rs 91.34 a litre while diesel is down Rs 2.78 from the record level of Rs 80.10 a litre seen on October 4 in Mumbai.
In New Delhi, Kolkata and Chennai, petrol was at Rs 79.55 per litre, Rs 81.43 per litre and Rs 82.65 per litre while diesel stood at Rs 73.78 a litre in New Delhi, Rs 75.63 per litre in Kolkata and Rs 78 a litre in Chennai.
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 Narendra Modi government is contemplating to bring petrol and diesel under the ambit of Goods and Services Tax (GST), Union Minister Ramdas Athawale said on Tuesday.
"If petrol and diesel are brought under GST, it will help bring down their prices by Rs 20-30, which will provide relief to people of this country including the middle class and common masses," the Union Minister of State for Social Justice and Empowerment added.
(With inputs from agencies)