Petrol, diesel prices fell about 16-17 paise on Friday in the four major metro cities — Chennai, Kolkata, Mumbai and New Delhi.
Petrol in Mumbai stood at Rs 75.88 a litre, while diesel was at Rs 67.28 per litre, at par with the levels seen at the end of March.
According to the Indian Oil Corporation data, petrol costs Rs 70.18 per litre and diesel Rs 64.17 a litre in New Delhi. In Kolkata and Chennai, petrol price stood at Rs 72.44 per litre and Rs 72.90 per litre while diesel was at Rs 66.09 per litre and Rs 67.88 a litre, respectively.
Fuel prices, which have been on the rise since May 20 — a day after the final phase of polling for the Lok Sabha elections — have declined in last one week. Rates were largely range-bound during April and May despite a rise in oil prices in the international market.
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.
Oil prices fell on Friday after sharp gains in the previous session when prices were boosted after attacks on two oil tankers in the Gulf of Oman stoked concerns of reduced crude flows through one of the world's key shipping routes. Brent crude futures were down 17 cents, or 0.3 percent, at $61.14 a barrel by 0041 GMT. They settled up 2.23 percent on Thursday, at $61.31, having risen as much as 4.5 percent.
India's oil consumption grew from 184.7 million tonnes in 2015-16 to 194.6 million tonnes in the following year and 206.2 million tonnes in the year thereafter. In 2018-19, demand grew by 2.6 percent to 211.6 million tonnes.