Petrol prices decline for seventh straight day; no cut in diesel prices

WION Web Team New Delhi, Delhi, India Oct 24, 2018, 06.30 AM(IST)

File photo. Photograph:( Reuters )

Fuel prices witnessed further reduction on Wednesday, providing some relief to consumers from relentless rate hikes. 

The petrol price in Delhi was revised to Rs 81.25 per litre (decrease by Rs 0.09), while that in Mumbai was Rs 86.73 per litre (decrease by Rs 0.08).

Diesel, on the other hand, is being sold at an unchanged rate of Rs 74.85 per litre in Delhi, while the price of diesel in Mumbai is Rs 78.46 per litre. 

The fuel prices had been witnessing a relentless hike since the past few months in the country, burning a hole in the common commuter's pocket.

Currently, fuel rate is revised every single day based on global oil prices. State-run oil marketing companies Indian Oil, Bharat Petroleum and Hindustan Petroleum revise fuel 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)