Amidst the perpetual rise and fall, the rates of fuel prices went up for the first time in 2019 with the petrol selling at Rs 68.50 and diesel at Rs 62.24 on Monday, with a rise by 21 paise and 8 paise per litre, respectively.
On December 31, diesel and petrol prices reached their lowest level of 2018.
In order to protect its revenues from auto fuel taxes, the Karnataka government on Friday revised the rate of sales tax on petrol and diesel to 32 per cent and 21 per cent from 28.75 per cent and 17.73 per cent, respectively.
The highest price was recorded in October, however, soon after rates started to nosedive. The dip in prices comes after the United States softened its stand on Iran's sanctions and allowed eight countries to continue importing oil from Iran temporarily. These countries are India, China, South Korea, Japan, Turkey, Italy, the United Arab Emirates, and Taiwan.
Further, Petroleum and Natural Gas Minister Dharmendra Pradhan had earlier said that the hike in the prices of petrol and diesel in the country was because of the depreciation in the value of the Indian Rupee against the US dollar.