Fuel prices slashed; petrol at Rs 77.89 per litre in Delhi, Rs 83.40 in Mumbai

Petrol prices continued to decline on Saturday with prices of petrol reaching Rs 77.89 per litre in Delhi and Rs 83.40 per litre in Mumbai.

While prices of petrol reduced by 17 paise in the two cities, diesel prices witnessed a reduction of 16 paise in Delhi and 17 paise in Mumbai.

The prices of diesel were revised to Rs 72.58 per litre in Delhi and Rs 76.05 per litre in Mumbai.

On Friday the prices of petrol were recorded at Rs 78.06 per litre in Delhi, Rs 79.98 in Kolkata, Rs 83.57 in Mumbai and Rs 81.08 in Chennai.

While diesel prices were recorded at Rs 72.74 per litre in Delhi, Rs 74.60 in Kolkata, Rs 76.22 in Mumbai and Rs 76.89 in Chennai.

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.