New Delhi: Petrol price has been cut by nearly Rs 4 per litre and diesel by Rs 2.33 a litre in the last eighteen days,  following softer international rates. The petrol and diesel rate cut comes as a relief amid a relentless hike across the country in previous months. With the reduction in price, petrol in national capital stands at 78.78 per litre and diesel is priced at Rs 73.36. While in Mumbai, Petrol costs Rs 82.28 and diesel Rs 76.88.

Notably, the retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. Last week, Union Minister Dharmendra Pradhan had said that crude prices were not under the control of the Indian government and were determined by international forces. “Oil prices are beyond the control of the Indian Government. It is an international commodity. We promised to the people of this country that we will not push our country into indebtedness. That is the reason we took some burden on us,” he said. (Check the live Petrol And Diesel Price Here)

Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73.  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, 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 came down 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.

(With inputs from agencies)