Fuel prices continue to fall, petrol at 78.56, diesel at 73.16 in Delhi

Continuing the Diwali cheer, prices of petrol and diesel continued to be slashed on Monday on softening international oil prices. The past two weeks have provided some relief to consumers battered by two months of relentless rate hikes.

Petrol price dipped by 22 paise a litre and diesel by 20 paise, according to the price notification of state-owned oil firms. In Delhi, petrol was pegged at Rs 78.56 a litre and diesel at Rs 73.16 per litre. Meanwhile, in Mumbai, petrol was sold for Rs 84.06 per litre and diesel at Rs 76.67, a decrease of Rs 0.22 a litre and 0.21 a litre in petrol and diesel, respectively. The prices of petrol and diesel in Kolkata were Rs 80.68 and Rs 75.22, respectively. In Chennai, the prices were pegged at Rs 81.84 and Rs 77.55, respectively.

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Fuel prices have been declining since early October as oil companies factored in softening of international rates. State-run oil marketing companies Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) revise fuel prices with effect from 06:00 am on a daily basis.

Before the October 5 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.

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In Mumbai, petrol had hit a peak of Rs 91.34 on October 4 and diesel was sold at a record high of Rs 80.10.