Petrol and diesel prices declined across major cities on Thursday, ahead of the Lok Sabha elections, which will be held from April 11. Petrol rates fell about 5 paise while diesel was down 10 paise.
The petrol price in Mumbai stood at Rs 78.43 a litre while diesel was at Rs 69.54 per litre, at par with November 2018 levels.
According to the Indian Oil Corp data, in New Delhi, petrol costs Rs 72.81 per litre and diesel Rs 66.39 per litre. In Kolkata and Chennai, petrol stood at Rs 74.89 per litre and Rs 75.62 per litre while diesel was at Rs 68.18 per litre and Rs 70.15 a litre, respectively.
Domestic fuel prices have largely been on an upward movement during the first three months of 2019. In Delhi, petrol prices rose over Rs 4 per litre since January 1.
The uptrend in domestic prices is largely attributed to the bullish global crude oil prices.
International Brent crude oil futures were at $67.63 a barrel at 0045 GMT, down 20 cents, or 0.3 percent, from their last close. Brent closed down 0.2 percent on Wednesday.
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.
(With inputs from agencies)
First Published: IST