"The changes in this month's prices have been as a effect of the average landed cost of imported Super Petrol decreasing by 14.87 percent from US$694.18 per ton in November to US$590.92 per ton in December", a statement to newsroom read.
In all, the petrol price has fallen by Rs 14.54 per litre since October 18, more than negating all of the hikes that were witnessed in the two-month period beginning mid-August.
The State Trading Organisation on Sunday reduced the price of diesel by MVR2 and petrol by MVR1, reflecting a fall in global oil prices.
On the other hand, diesel price has increased to Rs 64.18 per litre after a 49 paise hike.
In Mumbai, petrol costs Rs 75.77 a litre and diesel is priced at Rs 67.18.
The prices will be inclusive of Value-Added Tax at 8 percent in line with the Finance Act 2018. Petrol and diesel prices, which had peaked on October 4 due to a rising global crude prices, had been on the decline since then.
This is the second time in a row fuel prices are dipping, after last month when the prices for Super Petrol, Diesel and Kerosene dipped by Ksh4.57, Ksh0.55 and Ksh6.61 per litre. Prior to that, rates had cooled to a year's low of Rs 68.29 for petrol and Rs 62.16 in case of diesel. This followed a decline in rates on nearly all days since October 18, 2018.