Fuel prices dropped for the second consecutive day on Friday as the price of petrol was cut by 14-15 paise and that of diesel by 15-16 paise across all major cities in the country. Petrol now costs Rs 75.41 a litre in Delhi, Rs 81 a litre in Mumbai, Rs 78 a litre in Kolkata and Rs 78.34 a litre in Chennai after the price cut.

Similarly, diesel costs Rs 68.77 a litre in Delhi, Rs 72.11 a litre in Mumbai, Rs 71.13 per litre in Kolkata and Rs 72.67 a litre in Chennai, according to Indian Oil Corporation website.

International crude rates, however, were up marginally after signing of Sino-US trade deal which experts say might fuel energy demand.

The retail prices of fuel are dependent on the global crude prices and the rupee-US dollar exchange rate as India imports 80 per cent of its crude requirements.