New Delhi: The petrol prices in Delhi fell further on Tuesday to touch a new 2018 low of Rs 69.79 per litre. This was for the first time since January that petrol prices fell below the Rs 70-per-litre mark in the national capital this year.Also Read - Petrol, Diesel Prices Likely To Go Up As Oil Companies Incur Huge Losses

The previous low of petrol price in the national capital for 2018 was Rs 69.97 recorded on January 4. Also Read - Petrol, Diesel Prices To Rise Again? Brent Crude Hits Two-Month High Ahead Of EU Meeting

In the southern metropolitan city of Chennai too, petrol price declined to a fresh low level — Rs 72.41 — down from selling price of Rs 72.48 on Monday. (Check The Live Petrol And Diesel Price Here) Also Read - Sri Lanka Looks Towards India For USD 500 Million Loan For Oil Purchases

In Kolkata and Mumbai, petrol prices which had already hit their respective lowest levels of 2018 earlier in the month declined further on Tuesday to Rs 71.89 and Rs 75.41 against the previous price of Rs 71.96 and Rs 75.48 per litre.

The decline in domestic fuel prices comes amid the recent fall in global crude oil prices.

As per the country’s dynamic pricing mechanism, the domestic fuel prices depend upon international fuel prices on a 15-day average and the value of the rupee.

However, cost of diesel remained stagnant in the four metro cities. In Delhi, Kolkata, Mumbai and Chennai, diesel was prices were maintained at Rs 63.83, Rs 65.59, Rs 66.79 and Rs 67.38 respectively.

On October 5, to address the issue of spiralling fuel prices, several BJP-led state governments had matched the Centre’s move to reduce the fuel prices by Rs 2.5 per litre, bring the effective cut to Rs 5 per litre, while Delhi Chief Minister Arvind Kejriwal denied bringing down the tax on fuel.