New Delhi: Petrol and diesel prices on Monday are at Rs 68.84 per litre and Rs 62.86 per litre respectively in Delhi. In Mumbai, petrol and diesel prices are at Rs 74.47 per litre and Rs 65.76 per litre respectively.

Fuel prices have continued to dip with petrol seeing a cut of 22 paise per litre on Sunday while diesel saw a drop of 23 paise per litre.  So petrol price in Delhi was down to Rs 69.04 per litre from Rs 69.26 while diesel rates came down to Rs 63.09 from Rs 63.32 a litre, according to the price notification of state-owned oil firms. (Check The Live Petrol and Diesel Price Here)

Petrol prices, which have mostly been on a decline since October 18, are at their lowest level of 2018. Diesel rates are at their lowest since March-end.

In all, petrol price has fallen by Rs 13.79 per litre since October 18, more than negating all of the hike that was witnessed in the two-month period beginning mid-August. Diesel prices have declined by Rs 12.06 per litre since.

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

Prices had started to climb from August 16. Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73.

That day, the Government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.

Subsequent to this, the petrol price moderated to Rs 81.50 per litre in Delhi and diesel to Rs 72.95 a litre on October 5. In Mumbai, rates fell to Rs 86.97 per litre for petrol and Rs 77.45 in case of diesel.

As the international oil prices continued to rise, the price of petrol and diesel in Delhi increased to Rs 82.83 and Rs 75.69 on October 17. In Mumbai, rates touched Rs 88.29 a litre for petrol and Rs 79.35 for diesel. But since then, international oil prices have been falling and the rupee has also appreciated, resulting in a decline in retail rates.

During the last two and half months, petrol price rose on just one day — by 10 paise on December 18. Diesel rates rose on December 17 and 18 by 9 paise and 7 paise respectively.

Industry sources said as per the assessment, the retail prices of petrol and diesel may reign easy in the next few days. The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of the country’s requirement is met through imports.