New Delhi, October 26: Fuel prices witnessed reduction on Friday, providing some relief to the consumers who have been reeling under the pressure of growing fuel prices throughout the country. Petrol prices in India's capital Delhi is Rs 80.85 per litre and Rs 86.33 per litre in Mumbai. There has been a reduction of 25 paise in the prices of petrol in both Delhi and Mumbai.

Coming to diesel, the price in Delhi is Rs 74.73 per litre in Delhi and Rs 78.33 per litre in Mumbai. The reduction in the prices of diesel has been seven paise in Delhi and eight paise in Mumbai respectively. Excise Duty Cut on Petrol, Diesel to Cost Rs 10,500 Crore, Arun Jaitley Asks States to Reduce VAT on Fuel.

Before the October 5 price cut, petrol in Delhi had hit an all-time high of Rs 84 per litre and diesel was at record Rs 75.45. This came down to Rs 81.50 per litre for petrol and Rs 72.95 in case of diesel. In Mumbai, petrol had hit a peak of Rs 91.34 hit on October 4 and diesel was sold at a record high of Rs 80.10.

The reduction in the prices of petrol and diesel, though minimal, will come as a relief to the consumers who have been witnessing very high fuel prices for the past few months.

On Thursday, October 18, Petrol was being sold at Rs 82.62 per litre in the national capital, Delhi. While in Mumbai, a litre of petrol cost Rs 88.08. Diesel cost Rs 75.58 per litre in Delhi and Rs 79.24 per litre in Mumbai. As can be seen, the prices have seen some decline for the past week.

Though Finance Minister Arun Jaitley on October 4 had announced a reduction of Rs 2.50 per litre on petrol and diesel, the dynamic pricing after the announcement soon negated the benefit of the rate cut with prices reaching or even crossing previous levels. However, the prices have been declining since Dussehra and over the past week providing much needed relief to all.

(The above story first appeared on LatestLY on Oct 26, 2018 08:59 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).