Petrol prices drop by 19 paise, reach Rs 78.99 per litre in Delhi, Rs 84.49 per litre in Mumbai

Fuel prices in the country reduced further on Saturday with prices of petrol reaching Rs 78.99 per litre in Delhi and Rs 84.49 per litre in Mumbai.

While the prices of petrol reduced by 19 paise in both the states, diesel prices reduced by 11 paise in Delhi and 12 paise in Mumbai.

The prices of diesel were revised to Rs 73.53 per litre in Delhi and Rs 77.06 per litre in Mumbai.

Petrol prices on Thursday were recorded at Rs 79.18 per litre in Delhi, Rs 81.08 in Kolkata, Rs 84.68 in Mumbai and Rs 82.26 in Chennai.

While diesel prices were recorded at Rs 73.64 per litre in Delhi, Rs 75.50 in Kolkata, Rs 77.18 in Mumbai and Rs 77.85 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. 

(With inputs from agencies)