The government is considering raising excise duty on the two fuels again that would give it some additional revenue crucial for combating disruptions due to coronavirus outbreak.
The petrol now costs Rs 73.10 a litre in Delhi, Rs 78.75 a litre in Mumbai, Rs 75.77 a litre in Kolkata and Rs 72.95 a litre in Chennai after the price cut.
Benchmark Brent crude prices on Tuesday surged to $74.70 per barrel, the highest since November 2018, mainly due to the US decision to withdraw waivers to all countries, including India, from importing Iranian crude oil from May 2.