Fuel prices in India has received a price cut for the 12th consecutive day today, and with this, petrol price in the National Capital has come down to ₹ 79.75 per litre. Diesel price, on the other hand, has touched ₹ 73.85 per litre in Delhi on Monday, both receiving a price cut or 30 paise and 20 paise, respectively. Similarly, petrol and diesel rates have gone down in other metro cities as well. In Mumbai, petrol price has dropped to ₹ 85.24 and diesel to ₹ 77.41.

Petrol prices reached a record high of ₹ 84.00 per litre on October 4, while diesel was priced at ₹ 75.45 per litre. In fact, in Mumbai, the price of petrol breached the ₹ 91 mark, post which, the government decided to cut excise duty on petrol and diesel by ₹ 1.50 per litre each and asked state-owned fuel retailers to subsidise by another Re 1 a litre by reducing their margins.

In fact, back then even few states like Maharashtra and Gujarat offered similar reduction in local sales tax or VAT rates. In the last 12 days, petrol price has seen a cumulative drop of ₹ 3.08 per litre, while diesel rates went down by a total of ₹ 1.84 a litre.

This continues reduction of petrol and diesel rates come as a great relief for customers after a month of continuous hike, especially, with the ongoing festive season.

Source: CarAndBike

October 29, 2018