Fuel prices cut for 4th consecutive day: Petrol falls to Rs 87.21, diesel to Rs 78.82 in Mumbai

Fuel prices cut for 4th consecutive day: Petrol falls to Rs 87.21, diesel to Rs 78.82 in Mumbai
Petrol price was cut by 25 paise and diesel by 17 paise today (Representational Image)

The prices of petrol and diesel were cut for the fourth straight day on Sunday amid declining international oil rates, providing further relief to consumers.

According to the price notification of state-owned oil firms, petrol price was cut by 25 paise a litre and diesel by 17 paise today.

In Mumbai, petrol is being sold for Rs 87.21 per litre and diesel at Rs 78.82. Meanwhile in Delhi, petrol now costs Rs 81.74 a litre and diesel is priced at Rs 75.19 per litre.

Fuel prices have been on the decline since Thursday as oil companies factored in the lower international rates. In four days, petrol price has been cut by Rs 1.09 per litre and diesel by 50 paise.

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.

The price cut follows international oil prices trading near the lowest level in a month on a larger-than-expected gain in American stockpiles.

Prior to Thursday’s cut in rates, diesel price had risen by Rs 2.74 per litre since October 5 to more than wipe away the excise duty cut and oil firm subsidy. Petrol price had during this period risen by Rs 1.33 a litre.

Before the October 5 price cut, petrol had hit a peak of Rs 91.34 hit on October 4 and diesel was sold at a record high of Rs 80.10 in Mumbai.

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