This cut in fuel prices had come amid declining global crude oil prices. The October contract of Brent crude oil on the Intercontinental Exchange (ICE) was trading at $65.18.
Rates have been increased across the country and differ from state to state depending on the incidence of value-added tax.
The price of petrol was hiked by 28 paise per litre and diesel by 26 paise, according to a price notification of state-owned fuel retailers. In Delhi, petrol hit an all-time high of Rs 97.50 a litre, while diesel is now priced at Rs 88.23 per litre.
The price of premium petrol hit the century mark at the pumps in Thiruvananthapuram, Kollam, Idukki, Palakkad, Wayanad and Kasaragod districts.
Last week, state-owned Indian Oil Corporation (IOC) renewed insurance cover for petrol pump attendants and LPG delivery boys as it looked to secure its frontline workers against health emergencies.
Despite the concerns about rising COVID-19 cases in India denting demand, crude oil prices in the international market have risen primarily on account of strong US demand recovery and a weak dollar.
Rates have been reduced across the country and vary from state to state depending on the local incidence of taxation (VAT).
Many people were sitting in agitation against the rising fuel prices coupled with their angst against the recently passed farm laws.
Petrol price in Delhi inched closer to Rs 90 per litre as the fuel price is seeing a continuous surge.
Petrol prices with additives has crossed broken the psychological Rs 100 per litre mark in different parts of the country as oil marketing companies continue with their daily price hike for auto fuels in wake of heated up global oil market.
Across the country, the fuel prices increased sharply but its rise at retail level varied state-to-state depending on the quantum of taxes in each state.
Across the country as well pump price of petrol and diesel increased on Wednesday but the quantum varied depending on the prevailing tax structure in each state.
Petrol prices crossed Rs 90 per litre mark in Madhya Pradesh's Bhopal on Monday.
Petrol price on Monday was hiked by 7 paise per litre and diesel by 18 paise for the fourth straight day as the international oil rates broke a nearly two-month-long hiatus in price revision.
The price hike comes at a time when crude oil prices have been rising and the Brent crude is trading around $45 per barrel.
This is the second consecutive day of the price increase. Rates were hiked by 15 paise on Saturday. The price increase on Saturday came after a four-day hiatus in rate revision.
Along with the national capital, diesel prices marginally increased in other metro cities as well but there the price of transportation fuel is still between Rs 6-8 per litre lower than petrol.
Unexpected rise in diesel prices for the past couple of weeks despite slower demand has made the transport fuel take the numero uno position in Delhi while substantially reducing the gap with petrol in other metros.
With the revised rates, petrol will now cost Rs 80.38 per litre, while diesel will cost Rs 80.40 per litre in Delhi. On Friday, the petrol price was increased by 21 paise per litre and that of diesel by 17 paise per litre.
Petrol and diesel prices were hiked on Sunday for the eight day in a row since state-owned oil companies returned to the normal practice of daily reviews after coronavirus lockdown.
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