New Delhi: The fuel prices witnessed a drop for the third consecutive day on Saturday. The petrol and diesel prices deceased by 0.39 paisa per litre and 0.12 paisa per litre, respectively in Delhi. On the other hand, petrol saw a dip of 0.38 paisa per litre in Mumbai whereas, diesel price experienced a cut of 0.13 paisa per litre.

On October 20, the petrol costs Rs 81.99 per litre in Delhi and Rs 87.46 per litre in Mumbai while, diesel rate is recorded at Rs 75.36 per litre and Rs 79.00 per litre in Delhi and Mumbai, respectively.

The fuel prices have seen a continuous hike across the country from past few months. Consumers took a sigh of relief on Thursday as the petrol and diesel prices witnessed a slight decline. The drop came in the wake of the reduction in the cost of production.

On Friday, petrol recorded a drop of Rs 0.24 per litre in Delhi and Mumbai while, the diesel rate came down by Rs 0.10 and Rs 0.11 in both cities, respectively. Meanwhile 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.

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.