Oil companies on Monday revised fuel prices for the fifth consecutive day. Petrol prices dropped between 10 paise and 14 paise in Delhi, Kolkata, Mumbai and Chennai while diesel rates were reduced by 6 paise to 10 paise in the metro cities.

A litre of petrol cost Rs 75.69 in Delhi, Rs 78.37 in Kolkata, Rs 83.30 in Mumbai and Rs 78.55 in Chennai on Monday, according to Indian Oil Corporation. A litre of diesel cost Rs 67.48 in Delhi, Rs 70.03 in Kolkata, Rs 71.66 in Mumbai and Rs 71.22 in Chennai.

Fuel rates had breached record highs before dropping by 1 paisa per litre on May 30. They have continued to fall after that.

State-run oil companies 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 the freeze.