New Delhi: Domestic fuel prices declined on Friday with petrol prices falling around 10-15 paise and diesel prices saw a cut of 8-14 paise in the four metropolitan cities. In Delhi, while petrol was retailing 15 paise cheaper at Rs 71.09, diesel was priced at Rs 65.81, down 8 paise from Thursday’s price.

In Mumbai, petrol became 10 paise cheaper and was  sold at Rs 76.62 per litre. Diesel prices, on the other hand, went down 8 paise and was retailing at Rs 68.91. (Check the Live Petrol And Diesel Price Here)

According to the daily dynamic pricing regime, the retail fuel prices are fixed based on a 15-day average of the global crude prices. The rupee-US dollar exchange rate also affects the fuel prices as India imports nearly 80 per cent of its crude requirements.

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.

Last year on October 4, Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai. On that day, diesel had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.