As per a price notification issued by state-owned fuel retailers, petrol prices have reduced by 50 paise, resulting in prices falling below the Rs 74 per litre mark (in Delhi) for the first time since April 2018. Similarly, diesel rates have been slashed by 40 paise as well in the capital.
Fuel prices have been on the decline for the last six weeks with the total reduction on petrol and diesel adding up to Rs 9.26 and Rs 7.2, respectively per litre. This has effectively leveled off the massive fuel price hike witnessed earlier this year.
Petrol prices peaked at Rs 84 per litre in Delhi and Rs 91.34 per litre in Mumbai on October 4. On the same day, diesel prices touched an all-time high of Rs 75.45 per litre in Delhi and Rs 80.10 per litre in Mumbai.
A decline in international oil prices coupled with an appreciation in the value of the rupee have resulted in the price cuts. Currently, the price for a litre of petrol and diesel in Mumbai is set at Rs 79.12 and Rs 71.71, respectively.