New Delhi: The declining trend in fuel prices continued on Friday, bringing relief to consumers from skyrocketing rates. In Delhi, petrol is priced at Rs 80.85 per litre (decrease by Rs 0.25) and Rs 74.73 per litre (decrease by Rs 0.07), respectively. On the other hand in Mumbai, Petrol and diesel are being sold at Rs 86.33 per litre (decrease by Rs 0.25) and Rs 78.33 per litre (decrease by Rs 0.08), respectively. (Check the live Petrol and Diesel Price Here)

On October 24, prices of petrol and diesel prices in the national capital were priced at Rs 81.25 per litre (decrease by Rs 0.09) and Rs 74.85 per litre, respectively. In Mumbai, petrol was priced at Rs 86.73 per litre (decrease by Rs 0.08) and diesel was at Rs 78.46 per litre, respectively.

It must be noted that fuel prices have been on the rise since the past few months in the country, burning a hole in the commoner‘s pocket. Notably, 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 last week. He had appealed to the oil-producing countries to channel their investible surplus to pursue commercial exploitation in the oil sector in developing countries.

Earlier on October 4, Finance Minister Arun Jaitley had announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre. He had also directed all state governments to slash rates.

The retail price of petrol and diesel is arrived at after adding excise duty, which is charged by the Central government, the commission paid to petrol pumps dealers and VAT, charged by the state governments. Mumbai has the highest VAT of 39.12 per cent on petrol, while Telangana levies the highest VAT of 26 per cent on diesel. Delhi charges a VAT of 27 per cent on petrol and 17.24 per cent on diesel. Since mid-August, the petrol price has risen by Rs 3.92 a litre and diesel by Rs 4.31 per litre.