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Fuel prices decline for 12th day, petrol reaches Rs 79.75/ litre in Delhi

Representative Image. Photograph:( Zee News Network )

WION Web Team New Delhi, Delhi, India Oct 29, 2018, 07.05 AM (IST)

Fuel prices in the country declined for the twelfth consecutive day on Monday with the price of petrol reaching Rs 79.75 per litre in Delhi and Rs 85.24 per litre in Mumbai.

While the price of petrol reduced by 30 paise in the two states, diesel witnessed a reduction of 20 paise in Delhi and 21 paise in Mumbai.

The price of diesel was revised to Rs 73.85 per litre in Delhi and Rs 77.40 in Mumbai.

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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

While the price of petrol reduced by 30 paise in the two states, diesel witnessed a reduction of 20 paise in Delhi and 21 paise in Mumbai.