Petrol prices in the country were reduced for the first time in a month on Friday by state-run fuel retailers. The 5 paise cut comes after four consecutive days of stagnancy.
Petrol price per litre was lowered to Rs 74.86 in New Delhi, Rs 77.54 in Kolkata, Rs 80.51 in Mumbai, Rs 77.83 in Chennai and Rs 77.42 in Bengaluru.
Diesel prices, on the other hand, remained stagnant for another day at Rs 65.78 in New Delhi, Rs 68.19 in Kolkata, Rs 69 in Mumbai, Rs 69.53 in Chennai and Rs 68.02 in Bengaluru.
The price cut comes after a decline in crude oil price in the Asian markets. International benchmark Brent futures were down 21 cents or 0.3 percent to $63 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies (which includes Russia) have agreed to more output cuts starting next year to avert oversupply amid economic growth stagnancy due to the US-China trade war.
International crude prices and foreign exchange rates are taken into account to set retail prices of fuel in India.
The agreement, which will be formally adopted on Friday at their bi-annual meet in Vienna, will mean an extra 500,000 barrels per day (bpd) cut in production.
A panel of ministers representing OPEC and non-OPEC producers led by Russia recommended the cuts, said Russian Energy Minister Alexander Novak on Thursday.