On Tuesday, fuel prices were lowered by 5 to 6 paise after six consecutive days of no change. The state-run fuel retailers had reportedly paused the revision on fuel prices, despite a fall in global crude oil prices, due to assembly elections in the states of Maharashtra and Harayana.
Petrol prices per litre were cut by an average of 5 paise to Rs 73.22 in New Delhi, Rs 78.83 in Mumbai, Rs 75.66 in Bengaluru, Rs 76.04 in Chennai and Rs 75.87 in Kolkata.
Diesel prices were reduced by 6 paise to Rs 66.11 in New Delhi, Rs 69.29 in Mumbai, Rs 68.31 in Bengaluru, Rs 69.83 in Chennai and Rs 68.47 in Kolkata.
In the international market, worries over a global economic slowdown hurting oil demand have been weighing on crude prices. Brent crude oil futures, the benchmark for oil prices in Asia, fell to $58.90 a barrel.
Crude prices have cooled down despite signs that a trade deal was close to being signed by the US and China. Brent has fallen as much as 22 percent from its peak price in April.
Although there have been signs of progress in trade talks between the two largest economies in the world, US Commerce Secretary Wilbur Ross, on Monday, said that an initial trade deal doesn't need to be finalized next month, emphasizing the need to get the right deal.
Additionally, China is seeking $2.4 billion in retaliatory sanctions against the US for not complying with a WTO (World Trade Organisation) ruling in a tariffs case that dates back to the era of President Barack Obama.