The fuel prices had been witnessing a relentless hike since the past few months in the country.
Petrol and diesel prices witnessed further dip on Tuesday, providing more relief to consumers reeling under skyrocketing fuel prices. This is the sixth drop in fuel prices in as many days.
The petrol price in Delhi was revised to Rs 81.34 per litre, while that in Mumbai was Rs 86.81 per litre after a 10 paise reduction.
Diesel, on the other hand, is being sold seven paise lower at Rs 74.85 per litre in Delhi, while the price of diesel in Mumbai has been reduced by eight paise to retail at Rs 78.46 per litre.
The fuel prices had been witnessing a relentless hike since the past few months in the country, burning a hole in the common commuter's pocket.
The price cut follows drop in international crude oil prices. The domestic fuel prices depend upon the international fuel prices on a 15-day average and the value of the Indian rupee.
The rates were reduced by a minimum Rs 2.50 per litre across the country on October 5, when the government cut excise duty on petrol and diesel by Rs 1.50 a litre and asked oil PSUs to subsidise the fuels by another Re 1 a litre. The reduction in BJP-ruled states was more as they matched this cut by an equivalent reduction in local sales tax or VAT.
Prior to Thursday's cut in rates, diesel price had risen by Rs 2.74 per litre since October 5 to more than wipe away the excise duty cut and oil firm subsidy. Petrol price had during this period risen by Rs 1.33 a litre.
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 BJP-government at the centre had raised excise duty on petrol by Rs 11.77 a litre and that on diesel by Rs 13.47 a litre in nine instalments between November 2014 and January 2016 to shore up finances as global oil prices fell, but then cut the tax just once in October last year by Rs 2 a litre.
(With agencies)
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