On Sunday, petrol was sold at Rs 69.04 per litre in Delhi, 22 paise down from the Saturday's levels of Rs 69.26 per litre, according to state-run Indian Oil Corporation's data. Petrol prices, which have been on a decline since October 18 except for one day, are at their lowest level of 2018.

In Kolkata, Mumbai and Chennai too, rates of petrol fell to new lows for the year at Rs 71.15, Rs. 74.67 and Rs. 71.62 respectively.

Diesel rates also declined in line with petrol. In Delhi, Kolkata, Mumbai and Chennai, diesel prices fell to Rs 63.09, Rs 64.84, Rs 66.01 and Rs 66.59 respectively.

During the last two-and-a-half months, petrol price rose on just one day across four metros -- by 10 paise on December 18. Diesel rates rose on December 17 and 18 by 9 paise and 7 paise respectively.

Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai. Prices had started to climb from August 16. Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73.

On that day, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.

Subsequent to this, the petrol rate moderated to Rs 81.50 per litre in Delhi and diesel to Rs 72.95 a litre on October 5. In Mumbai, rates fell to Rs 86.97 per litre for petrol and Rs 77.45 in case of diesel.

However, prices of petrol and diesel in Delhi again increased to Rs 82.83 and Rs 75.69 on October 17 as the international oil prices continued to rise. In Mumbai, rates touched Rs 88.29 a litre for petrol and Rs 79.35 for diesel.

But since then, international oil prices have been falling and rupee has also appreciated, resulting in a decline in retail rates. Globally, oil prices fell to their lowest in a-year-and-a-half earlier this week and are down more than 20 per cent for 2018, depressed in part by rising supply.