Petrol prices drop by 40 paise in Delhi, 39 in Mumbai

Fuel prices declined for the eleventh consecutive day on Sunday with the price of petrol reaching Rs 80.05 per litre, while that of diesel to Rs 74.05 per litre.

The price of petrol in the national capital was reduced by 40 paise and diesel by 33 paise.

The price of petrol in Mumbai reached Rs 85.54 while diesel to Rs 77.61 per litre by reducing 39 paise and 35 paise respectively.

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)