Fuel prices declined across major cities, after remaining stable for three straight days, with petrol losing nearly 16 paise while diesel dropped 7-10 paise on Thursday.
Petrol price in Mumbai stood at Rs 78.44 a litre while diesel was at Rs 69.74 per litre, at par with levels seen at the end of March.
According to the Indian Oil Corporation data, in New Delhi, petrol costs Rs 72.84 per litre and diesel Rs 66.56 per litre. In Kolkata and Chennai, petrol stood at Rs 74.88 per litre and Rs 75.63 per litre while diesel was at Rs 68.32 per litre and Rs 70.36 a litre, respectively.
Domestic fuel prices have largely been on the rise in the first three months of 2019. In Delhi, petrol prices have gained over Rs 4 per litre since January 1.
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 dropped on Thursday amid concerns over the escalating trade battle between the United States and China, despite a surprise fall in US crude stockpiles. Brent crude oil futures were at $69.92 a barrel by 0102 GMT, down 44 cents, or 0.63 percent, from their previous settlement.
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.
(With inputs from agencies)