Fuel prices dropped for the 12th consecutive day on Sunday, with the price of a litre of petrol reducing by 23 to 26 paise and price of diesel coming down by 18 to 19 paise across the metros.

On Sunday, a litre of petrol cost Rs 76.78 dropping from Rs 77.02 the previous day, according to Indian Oil Corporation. A litre of petrol cost Rs 79.44 in Kolkata, Rs 84.61 in Mumbai and Rs 79.69 in Chennai. Diesel prices dropped to Rs 68.10 in Delhi, Rs 70.65 in Kolkata, Rs 72.51 in Mumbai and Rs 71.89 in Chennai.

Ever since fuel prices dropped by 1 paisa per litre on May 30, they have continued to fall. Since June 1, the price of a litre of petrol in Delhi has reduced by Rs 1.51 and that of diesel by Rs 1.1 til date.

State-run oil companies had resumed the dynamic pricing mechanism on May 14 after prices were frozen for 19 days between April 24 and May 13, when campaigning was on for the Karnataka Assembly elections. Oil companies are estimated to have lost about Rs 500 crore in the period because of that price freeze.