Fuel prices fell on Tuesday after remaining unchanged in the last three sessions. Petrol and diesel rates were at Rs 76.82 a litre and Rs 69 per litre, respectively in Mumbai.
According to the Indian Oil Corp data, petrol prices in New Delhi, Kolkata and Chennai were at Rs 71.19 per litre, Rs 73.28 per litre and Rs 73.90 per litre, respectively, while diesel stood at Rs 65.89 a litre in New Delhi, Rs 67.67 a litre in Kolkata and Rs 69.61 a litre in Chennai.
Transport fuel rates were hiked sharply on January 13 as global crude oil rates continued to climb handsomely following the implementation of output cuts by global oil producers from January 1.
Mirroring the rise, state-run oil marketing companies increased petrol rates by 23 paise per litre while diesel prices went up by 29-31 paise across the four major metros.
Petrol and diesel prices have increased by more than Rs 2 per litre each in January.
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.
International Brent crude oil futures were at $60.08 per barrel, up 15 cents, or 0.3 percent.
Retail pump price is calculated after adding central excise duty, dealers commission and value-added tax (VAT) to the base price.
(With inputs from agencies)
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