New Delhi, May 31 - After a one paisa cut in fuel prices which brought a lot of flak to the oil companies and the government, on Thursday petrol prices across the four metros were cut by seven paise a litre and diesel prices fell by five paise.
In the national capital, petrol was sold at Rs 78.35 per litre, down from Rs 78.42 on Wednesday.
In the other key cities of Kolkata, Mumbai and Chennai, the fuel was priced at Rs 80.98, Rs 86.16 and Rs 81.35 a litre respectively, all prices down by seven paise from Wednesday's levels.
This decline in domestic fuel prices comes due to the recent fall in global crude oil prices. On Thursday, Brent crude was priced around $77 per barrel.
This cut in price, however, contrasts against nearly Rs 4 per litre rise during May 14-29, with daily hike in prices varying around 15-30 paise a litre.
During the last two weeks, prices of petrol touched all-time high levels in Delhi, Mumbai and Chennai while in Kolkata it neared the four-year high level.
Similarly, diesel prices in all the four metros also were at record levels during the period. On Thursday, however, diesel prices also declined by five paise in Delhi, Kolkata, Mumbai and Chennai to Rs 69.25, Rs 71.80, Rs 73.73 and Rs 73.12 per litre respectively.