New Delhi: The fuel prices in Delhi and Mumbai witnessed yet another dip on Friday. While petrol recorded a drop of Rs 0.24 per litre in Delhi and Mumbai, diesel rate came down by Rs 0.10 and Rs 0.11 in both cities, respectively. On October 19, the petrol is being sold at a price of Rs 82.38 per litre in Delhi, whereas it is Rs 87.84 per litre in Mumbai.

The diesel price on the other hand, after the decrease, has been recorded at Rs 75.48 per litre in Delhi and Rs 79.13 per litre in Mumbai.

The fuel prices have seen a continuous hike across the country from past few months. A slight decline in prices on Thursday as a drop in the cost of production brought some relief from the sky-rocketing prices to the consumers.

 

On Thursday, the price of petrol was down by about 21 paise. In Delhi, petrol was priced at Rs 82.62 per litre (decrease by Rs 0.21) while the price of diesel was at Rs 75.58 per litre (decrease by Rs 0.11). Meanwhile, petrol and diesel prices in Mumbai were Rs 88.08 per litre (decrease by Rs 0.21) and Rs 79.24 per litre (decrease by Rs 0.11), respectively.

Prior to Thursday’s cut in rates, diesel price had risen by Rs 2.74 per litre since October 5 to more than wipe away the excise duty cut and oil firm subsidy. Petrol price had during this period risen by Rs 1.33 a litre.

The reduction in fuel prices comes in the wake of Prime Minister Narendra Modi’s meeting with the top executives of global and Indian oil and gas companies on Monday . He had appealed to the oil-producing countries to channel their investible surplus to pursue commercial exploitation in the oil sector in developing countries. The PM had also urged global oil suppliers to review payment terms in order to give relief to the weakening rupee.

The rates were reduced by a minimum Rs 2.50 per litre across the country on October 5, when the government cut excise duty on petrol and diesel by Rs 1.50 a litre and asked oil PSUs to subsidise the fuels by another Re 1 a litre. The reduction in BJP-ruled states was more as they matched this cut by an equivalent reduction in local sales tax or VAT.