Petrol, diesel prices continue to fall for 11th day in a row

Fuel prices continued to witness a downfall for the consequte 11th day, providing much-needed relief to consumers from the relentless rate hikes in recent months. The petrol and diesel prices in Delhi have been revised today to Rs 80.05 (decrease by 40 paise) and Rs 74.05 (decrease by 33 paise) per litre respectively.

Meanwhile, in Mumbai also, the fuel prices witnessed a marginal decline with petrol at Rs 85.54 per litre (decrease by 39 paise) and diesel at Rs 77.61 per litre (decrease by 35 paise).

The fuel prices had been witnessing a relentless hike since the past few months in the country, burning a hole in the common commuter’s pocket. Buoyed by the movement of fuel prices in the past few days, the government is hopeful of further reduction in the rates of petrol and diesel in the coming days.

“As per the assessment, the retail prices of petrol and diesel may reign easy in the next few days,” a top government official said. International crude prices have headed south in the past 8 days, while rupee has strengthened in the same period. In line with these developments, retail prices have registered a fall of Rs 1.98 a litre on petrol and 96 paise per litre on diesel.

The government on October 4 reduced the excise duty by Rs 1.50 per litre to provide relief to the consumers. Oil marketing companies were also asked to reduce their margin by Re 1 a litre to further check the rising prices.

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