Petrol prices were lowered by 15 paise per litre to Rs 76.43 in Delhi, Rs 79.10 in Kolkata, Rs 84.26 in Mumbai and Rs 79.33 in Chennai.

Diesel rates, on the other hand, dropped by 10.5 paise on an average per litre on an average to Rs 67.85 in Delhi, Rs 70.40 in Kolkata, Rs 72.24 in Mumbai and Rs 71.62 in Chennai.

Fuel rates were cut for the fourteenth straight day across the country. Petrol rate per litre has been lowered by Rs 2 in Delhi in the last 14 days and diesel prices by Rs 1.46 in the national capital.

International crude oil prices were, however, trading higher on Tuesday on cautious optimism over the historic summit between US president Donald Trump and North Korean leader Kim Jong Un in Singapore.

Brent oil futures were up by 10 cents to $76.56 per barrel, while WTI futures rose 14 cents from its last close to $66.24 a barrel.

Meanwhile, the three big oil producers- the US, Russia and Saudi Arabia have reportedly increased their daily production limit. Russia has reported an increase in daily production from 11 million barrel per day to 11.1 million.