New Delhi: In what could bring relief to the consumers from relentless rate hikes, petrol and diesel prices witnessed fresh reduction on Saturday. With the decrease of 40 paise and 35 paise, petrol and diesel in national capital  is being retailed at Rs 80.45 per litre and Rs 74.38 per litre, respectively. In Mumbai as well,  petrol price experienced a cut of 0.40 paise and is recorded at Rs 85.93 per litre while diesel saw a dip of 0.37 paise to retail at Rs 77.96 per litre.  (Check the live Petrol and Diesel Price Here)Also Read - Petrol, Diesel Price Hiked in Meghalaya; Check Latest Rates Here

Earlier on Friday, it was reported that petrol price has been cut by nearly Rs 2 per litre and diesel by Re 1 a litre in the last eight days on the back of softer international rates. “Petrol price has been reduced by Rs 1.98 per litre and diesel by Rs 0.96 a litre during the last eight days,” an official statement said. Also Read - Petrol, Diesel Prices Likely To Go Up As Oil Companies Incur Huge Losses

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The rates are off their record high of Rs 84 per litre for petrol and Rs 75.45 a litre for diesel touched 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 by another Re 1 a litre by reducing their margins.  Subsequent to this, the petrol price came down to Rs 81.50 per litre and diesel at Rs 72.95 a litre on October 5, the statement said.

“As the international oil prices continued to rise, price of petrol and diesel in Delhi increased to Rs 82.83 per litre and Rs 75.69 per litre. (But) since last eight days, international oil prices have been falling and rupee has also appreciated,” the statement said.

The twin factors have brought down fuel prices to a six-week low. “As per the assessment, the retail prices of petrol and diesel may reign easy in the next few days,” it said.

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 country’s requirement is met through imports,” the statement added.

(With inputs from agencies)