In yet another relief to consumers, fuel prices continue to dip; Petrol at Rs 76.38 a litre and diesel at Rs 71.27 in Delhi

Prices of petrol and diesel continued to dip on Tuesday with a marginal fall of Rs 0.14 and Rs 0.12 respectively, a litre in Delhi, according to price notification by Indian Oil. Petrol was pegged at Rs 76.38 a litre and diesel at Rs 71.27 per litre. Meanwhile, in Mumbai, petrol was being sold for Rs 81.90 per litre and diesel at Rs 74.66. The prices of petrol and diesel in Kolkata were Rs 78.33 and Rs 73.13, respectively. In Chennai, the prices were pegged at Rs 79.31 and Rs 75.31, respectively. The past two weeks have provided some relief to consumers battered by two months of relentless rate hikes.

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Petrol price has been cut by over Rs 4 per litre and diesel by Rs 2.33 in the past 20 days on softer international rates, a pace faster than the spike in prices witnessed in the two-month period beginning mid-August. 

Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73.

On October 4, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.  Subsequent to this, the petrol price came down to Rs 81.50 per litre in Delhi and diesel to Rs 72.95 a litre on October 5. In Mumbai, rates fell to Rs 86.97 per litre for petrol and Rs 77.45 in case of diesel. 

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Before the price cut, petrol in Delhi had hit an all-time high of Rs 84 per litre while diesel was at record Rs 75.45. This came down to Rs 81.50 per litre for petrol and Rs 72.95 in case of diesel.