Oil companies on Tuesday revised the price of petrol for the sixth consecutive day and that of diesel for the fourth straight day. The prices of the two fuels have not been raised since May 30.
Petrol prices dropped between 14 paise and 18 paise per litre in Delhi, Kolkata, Mumbai and Chennai, while diesel rates were reduced by 10 paise to 14 paise in the four metros.
A litre of petrol cost Rs 75.55 in Delhi, Rs 78.23 in Kolkata, Rs 83.12 in Mumbai and Rs 78.40 in Chennai on Monday, according to the Indian Oil Corporation. A litre of diesel cost Rs 67.38 in Delhi, Rs 69.93 in Kolkata, Rs 71.52 in Mumbai and Rs 71.12 in Chennai.
Fuel rates had breached record highs before dropping by 1 paisa per litre on May 30. They have continued to fall after that.
State-run oil companies resumed the dynamic pricing mechanism on May 14 after prices were frozen for 19 days between April 24 and May 13, when campaigning was on for the Karnataka Assembly elections. Oil companies are estimated to have lost about Rs 500 crore in the period because of the freeze.