Petrol and diesel prices remained unchanged across major cities on Friday after falling nearly 7 paise a litre the previous day.
Petrol price in Mumbai stood at Rs 78.64 a litre while diesel was at Rs 69.77 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 73.07 per litre and diesel Rs 66.66 per litre. In Kolkata and Chennai, petrol stood at Rs 75.08 per litre and Rs 75.84 per litre while diesel was at Rs 68.39 per litre and Rs 70.39 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 slipped on Friday, extending a steep fall from the previous session on surging US output and an expected supply increase from producer club OPEC and putting crude on track for a second week of declines. Brent crude oil futures were at $70.56 per barrel at 0127 GMT, down 19 cents, or 0.3 percent, from their last close. US West Texas Intermediate (WTI) crude futures were down 7 cents, at $61.74 per barrel.
India will stop importing crude oil from Iran following the US move to end sanction waivers, and will use alternate supply sources such as Saudi Arabia to make up for the lost volumes, top officials and industry sources said on Tuesday.
Oil Minister Dharmendra Pradhan, in a tweet, said that "a robust plan for an adequate supply of crude oil to Indian refineries" is in place.
"There will be additional supplies from other major oil-producing countries; Indian refineries are fully prepared to meet the national demand for petrol, diesel & other petroleum products," Pradhan added.
(With inputs from agencies)