Petrol prices resumed their decline after a brief pause on Wednesday while diesel prices remained unchanged for the third consecutive day.

Petrol and diesel prices were at Rs 84.86 a litre and Rs 77.32 a litre, respectively in Mumbai, according to the data from Indian Oil Corp.

The focus is on November 4 when the US sanctions on Iran comes into effect. India, the world's third-largest oil importer and the second-largest buyer of Iranian crude oil, would not be adversely impacted by the second round of US sanctions on Iran, sources familiar with the matter told CNBC-TV18.

Petrol and diesel prices are at their lowest levels in two months across all major cities. Petrol is down Rs 6.48 from the record level of Rs 91.34 a litre while diesel is down Rs 2.78 from the record level of Rs 80.10 a litre seen on October 4 in Mumbai.

In New Delhi, Kolkata and Chennai, petrol was at Rs 79.37 per litre, Rs 81.25 per litre and Rs 82.46 per litre while diesel stood at Rs 73.78 a litre in New Delhi, Rs 75.63 per litre in Kolkata and Rs 78 a litre in Chennai.

As per the country's pricing mechanism, under the daily dynamic pricing regime, domestic fuel prices depend on international fuel prices on a 15-day average, besides the value of the rupee.

Prices vary from region to region due to local taxes as the product is excluded from the GST regime. Delhi has the lowest tax rate among the four metro cities.

(With inputs from agencies)

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