Fuel prices halt after rising for a day; petrol at Rs 74.16/litre in Mumbai

After rising for the first time on Monday since December 17, fuel prices remained unchanged on Tuesday across all the major cities.

In Mumbai, petrol and diesel prices were at Rs 74.16 per litre and Rs 65.12 per litre, respectively.

According to the Indian Oil Corp data, petrol prices in Kolkata, New Delhi and Chennai were at Rs 70.64 per litre, Rs 68.50 per litre and Rs 71.07 per litre, respectively, while diesel stood at Rs 64.01 a litre in Kolkata, Rs 62.24 a litre in Delhi and Rs 65.70 a litre in Chennai.

On December 31, petrol prices reached their lowest level of 2018, while diesel rates reached their lowest since March-end.

On Friday. the Karnataka government increased the rate of sales tax on petrol and diesel to 32 percent and 21 percent respectively to protect its revenues from auto fuel taxes.

In September 2018, along with other state governments, Karnataka had reduced the sales tax on petrol and diesel. The government had reduced the sales tax on petrol by 3.25 percent and on diesel by 3.27 percent.

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.