Day 6 of fuel price cut: Petrol down by 1.48, diesel by 0.89 in last 6 days
The prices of petrol and diesel were cut for the sixth consecutive day on Tuesday in wake of lower global crude oil prices, providing further relief to consumers.
According to the Indian Oil data, petrol prices fell by 10 paise across major cities. Effectively, the petrol price in Mumbai was revised to Rs 86.81 per litre, while that in New Delhi fell to Rs 81.34 per litre today.
Diesel, on the other hand, is being sold eight paise lower at Rs 78.46 per litre in Mumbai, while the price of diesel in the capital has been reduced by seven paise to retail at Rs 74.85 per litre.
After nearly two months of relentless hikes, fuel were cut for the first time last Thursday as oil companies factored in the lower international rates.
Since then, the price of petrol in Mumbai has fallen by Rs 1.48 and diesel by Rs 0.89.
To ease the crunch caused by soaring prices, fuel 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.
The reduction in BJP-ruled states was more as they matched this cut by an equivalent reduction in local sales tax or VAT.
Before the October 5 price cut, petrol had hit a peak of Rs 91.34 hit and diesel was sold at a record high of Rs 80.10 on October 4 in Mumbai.