New Delhi, December 31: On the last day of the year, petrol prices saw a drop and were at its lowest at  Rs 68.84 on Monday. According to a tweet by ANI, petrol prices dipped to its lowest at Rs 68.84 in the national capital, a cut by 42 paise, while diesel prices were cut by 46 paise per litre, selling at Rs 62.86. In Mumbai, petrol and diesel prices at Rs 74.47/litre and Rs 65.76/litre respectively. It must be noted that petrol price has fallen by Rs 13.79 per litre since October 18. Petrol, Diesel Prices Continue to Slide on Sunday: Check Fuel Rates in Metros.

Petrol prices, which have been on a decline since October 18 except for one day, are at their lowest level of 2018. On Sunday, petrol was sold at Rs 69.04 in the national capital while diesel was priced at Rs 63.32. On the other hand, petrol and diesel prices were at Rs 74.47 per litre and Rs 65.76 per litre, respectively in Mumbai. Petrol Price Touches Fresh Low of 2018, as Fuel Prices Fall by 30 Paise.

Fuel prices had skyrocketed in the last few months owing to fluctuations in the international markets, the highest spike being recorded in October. On October 4, the petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai. Meanwhile, on the same day, diesel prices surged to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai. Excise Duty Cut on Petrol, Diesel to Cost Rs 10,500 Crore, Arun Jaitley Asks States to Reduce VAT on Fuel.

Reports inform that the fuel prices had seen a considerable rise since August this year. On August 15, petrol in Delhi was priced at Rs 77.14 and in Mumbai at Rs 84.58 per litre while diesel was priced at Rs 68.72 per litre in Delhi and Rs 72.96 in Mumbai. In between August and October, the petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73.

The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. Fuel prices continued to fall in all major cities across the country on Sunday as international crude oil prices fell on Friday ahead of the New Year holiday. Reports inform that global crude benchmarks moved towards their lowest levels in more than a year.

(The above story first appeared on LatestLY on Dec 31, 2018 08:48 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website