Fuel prices declined for the eighth consecutive session on Thursday, with petrol and diesel trading below Rs 80 per litre mark across all major cities. Petrol is priced at Rs 78.80 per litre in Mumbai, while diesel stands at Rs 71.33 per litre.

According to the Indian Oil Corp data, petrol prices in New Delhi, Kolkata and Chennai were at Rs 73.24 per litre, Rs 75.24 per litre and Rs 76.01 per litre, respectively, while diesel stood at Rs 68.13 a litre in New Delhi, Rs 69.98 a litre in Kolkata and Rs 71.95 a litre in Chennai.

Petrol prices have declined by more than Rs 9.49 per litre and diesel by Rs 8.02 in a little over a month in Mumbai on softer international rates.

Rates have been falling since October 18, wiping out all of the price hikes on petrol in two months beginning August 16.

As per the country's pricing mechanism, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.

The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of country's requirement is met through imports.

(With inputs from agencies)

Have you signed up for Primo, our daily newsletter? It has all the stories and data on the market, business, economy and tech that you need to know.