New Delhi, October 27: After a relentless hike in since mid-August, fuel prices across the nation continued to dip on Saturday. Petrol in the national capital is priced at Rs 80.45 per litre (decrease by Rs 0.40) while diesel has been priced at Rs 74.38 per litre (decrease by Rs 0.35). In Mumbai, petrol price has been cut Rs 0.40 and has been priced at 85.93 per litre while diesel now costs Rs 77.96 per litre, a decrease by Rs 0.37.

In the past one week, petrol price has been reduced by Rs 1.98 per litre and diesel by Rs 0.96 a litre during the last eight days. On Friday, petrol was priced at Rs 80.85 per litre in Delhi while diesel was priced at Rs 74.73 a litre. Fuel Prices Today: Respite for Consumers as Downward Trend Continues, Petrol Rs 80.85 and Rs 86.33 Per Litre in Delhi and Mumbai. 

It must be noted that the retail selling price of petrol and diesel is dependent on international prices of benchmark fuel and the rupee-US dollar exchange rate. Meanwhile, the rates are off their record high of Rs 84 per litre for petrol and Rs 75.45 a litre for diesel touched on October 4. Excise Duty Cut on Petrol, Diesel to Cost Rs 10,500 Crore, Arun Jaitley Asks States to Reduce VAT on Fuel.

In recent months, the retail prices of petrol and diesel have increased in the due to and increase in the international prices and depreciation of rupee. According to a report by ANI, official sources said that it was decided on October 4, 2018, that Government would reduce the excise duty on petrol and diesel by Rs. 1.50 per litre in order to provide relief to the consumers from escalating prices.

(The above story first appeared on LatestLY on Oct 27, 2018 08:50 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website