Fuel prices remained stable on Wednesday after declining for eight consecutive days, with petrol and diesel prices hovering near their mid-August levels on slump in global crude oil.

Petrol and diesel was priced at Rs 76.38 per litre and Rs 71.27 per litre, respectively in the National Capital Region (NCR).

According to the Indian Oil Corp data, petrol prices in Kolkata, Mumbai and Chennai were at Rs 78.33 per litre, Rs 81.90 per litre and Rs 79.31 per litre, respectively, while diesel stood at Rs 73.13 a litre in Kolkata, Rs 74.66 in Mumbai and Rs 75.31 a litre in Chennai.

Petrol prices have been cut by more than Rs 6.39 per litre and diesel by Rs 4.69 in a little over a month in Mumbai on softer international rates.

Rates have been declining 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)

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