Petrol prices declined to its lowest at Rs 68.84/litre, a deduction by 42 paise on Monday, the last day of the year. Diesel rates were also cut by 46 paise per litre. The revised rates of diesel stood at Rs 62.86/litre.
In Mumbai, petrol and diesel prices remain at Rs 74.47 per litre and Rs 65.76 per litre respectively.
Petrol prices have been on a decline since October 18 except for one day. Diesel rates are at their lowest since March-end.
In totality, petrol price has fallen by Rs 13.79 per litre since October 18, more than negating all of the hike that was witnessed in the two-month period beginning mid-August.
Diesel prices have declined by Rs 12.06 per litre in two and half months.
Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.
Prices had started to climb from August 16.
Petrol in Delhi was priced at Rs 77.14 and in Mumbai at Rs 84.58 per litre on August 15. Diesel on that day was priced at Rs 68.72 per litre in Delhi and Rs 72.96 in Mumbai.
Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73.
On that day, 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 moderated 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.
As the international oil prices continued to rise, price of petrol and diesel in Delhi increased to Rs 82.83 and Rs 75.69 on October 17. In Mumbai, rates touched Rs 88.29 a litre for petrol and Rs 79.35 for diesel.
But since then, international oil prices have been falling and rupee has also appreciated, resulting in a decline in retail rates.
During the last two and half months, petrol price rose on just one day -- by 10 paise on December 18. Diesel rates rose on December 17 and 18 by 9 paise and 7 paise respectively.
Fuel prices slashed for 4th consecutive week; Petrol in Delhi at Rs 77.28/litre, Rs 82.80/litre in Mumbai
Fuel prices slashed further; Petrol cheapest in 8 months, diesel 3 months | Check revised rates here
The dip in prices comes after the United States softened its stand on Iran's sanctions and allowed eight countries including India, China and Japan to continue importing oil from Iran temporarily.