Fuel prices further slashed; petrol selling at Rs 78.56 per litre, diesel 73.16 in Delhi

Representative Image. Photograph:( Zee News Network )

WION Web Team New Delhi, Delhi, India Nov 05, 2018, 07.21 AM (IST)

Fuel prices in the country continued to decline on Monday with the price of petrol reaching Rs 78.56 per litre in Delhi and Rs 84.06 per litre in Mumbai.

While the prices of petrol reduced by 22 paise in the two states, diesel witnessed a reduction of 20 paise in Delhi and 21 paise in Mumbai.

Diesel prices were revised to Rs Rs 73.16 per litre in Delhi and Rs 76.67 per litre in Mumbai.

Petrol prices on Sunday were recorded at Rs 78.78 per litre in Delhi, Rs 80.68 in Kolkata, Rs 84.28 in Mumbai and Rs 81.84 in Chennai.

While diesel prices were recorded at Rs 73.36 per litre in Delhi, Rs 75.22 in Kolkata, Rs 76.88 in Mumbai and Rs 77.55 in Chennai.

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The fuel prices in the country have witnessed a relentless hike since the past few months in the country, burning a hole in the commuter's pocket.

In a bid to ease the crunch caused by soaring fuel prices, finance minister Arun Jaitley on October 2 announced a reduction of Rs 2.50 per litre on both petrol and diesel prices.

The ministry had curbed the excise duty on the commodity by Rs 1.50 per litre. 

The fuel rate in the country is revised every single day based on global oil prices. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise the prices with effect from 6 am on a daily basis. 

The government allowed revision of fuel rates on a daily basis since mid-June last year to reflect changes in costs instantly. 

(With inputs from agencies)

Story highlights

The fuel prices in the country have witnessed a relentless hike since the past few months in the country, burning a hole in the commuter's pocket.