Petrol prices drop 40 paise in Delhi, Mumbai

WION Web Team New Delhi, Delhi, India Oct 27, 2018, 07.23 AM(IST)

File photo. Photograph:( Zee News Network )

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With a reduction of 35 paise in Delhi and 37 paise in Mumbai, the price of diesel reached Rs 74.38 per litre in Delhi and Rs 77.96 in Mumbai.

Fuel prices in the country witnessed further reduction on Saturday with prices of petrol being revised to Rs 80.45 in Delhi and Rs 85.93 in Mumbai after a decrease of 40 paise.

With a reduction of 35 paise in Delhi and 37 paise in Mumbai, the price of diesel reached Rs 74.38 per litre in Delhi and Rs 77.96 in Mumbai.

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. 

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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)