Strengthening rupee and weakening global crude oil prices have once again brought respite to daily commuters in Delhi as the petrol prices were dropped to Rs 78.78 per litre on Sunday. Price of diesel was at Rs 73.36 per litre in the national capital.
In Mumbai, petrol was priced at Rs 84.28 per litre, while diesel was at Rs 76.88 per litre.
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Fuel prices touched their record high of Rs 84 per litre for petrol and Rs 75.45 a litre for diesel in the previous month.
The government, on October 4, had decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise by another Re 1 a litre by reducing their margins.
Subsequent to this, the petrol price came down to Rs 81.50 per litre and diesel at Rs 72.95 a litre on October 5.
But as the international oil prices continued to rise, price of petrol and diesel in Delhi increased to Rs 82.83 per litre and Rs 75.69 per litre by October 16. But beginning October 18, international oil prices have been falling and rupee has also appreciated.
The twin factors have brought down fuel prices to two-month low. "As per the assessment, the retail prices of petrol and diesel may reign easy in the next few days," an official statement had said on October 26.