Petrol prices in four major metros — Mumbai, New Delhi, Kolkata and Chennai — were slashed by seven paise on Wednesday. The per litre petrol price in Mumbai stood at Rs 75.41.
The diesel prices in the four cities, however, remained unchanged.
According to the Indian Oil Corp data, petrol prices in Kolkata, New Delhi and Chennai were at Rs 71.89 per litre, Rs 69.79 per litre and Rs 72.41 per litre, respectively, while diesel stood at Rs 65.59 a litre in Kolkata, Rs 63.83 a litre in Delhi and Rs 67.38 a litre in Chennai.
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.
The slide in domestic fuel prices comes following a recent decline in global crude due to oversupply concerns.
Oil prices were mixed in thin trading on Wednesday as the US benchmark rebounded from steep losses in the previous session, even though concern over the health of the global economy continued to overshadow the market in the longer term.
(With inputs from agencies)