Petrol prices drop by 18 paise in Delhi, 16 paise in Mumbai

Petrol prices continued to reduce on Thursday with the price reaching Rs 79.37 per litre in Delhi and Rs 84.86 per litre in Mumbai.

While the prices of petrol reduced by 18 paise in Delhi and 16 paise in Mumbai, the price of diesel remained unchanged on Thursday.

The prices of diesel were recorded as Rs 73.78 per litre in Delhi and Rs 77.32 per litre in Mumbai.

Petrol price in the national capital was revised to 79.55 per litre on Tuesday while diesel price to Rs 73.78 per litre.

The prices of petrol were recorded at Rs 81.43 in Kolkata, Rs 85.04 in Mumbai and Rs 82.65 in Chennai on Tuesday.

Fuel prices in the country remained unchanged on Wednesday after reducing for thirteen consecutive days.

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)