In a major relief for consumers who have been reeling under the continuous hike in fuel prices, the fuel prices were slashed for the eleventh consecutive day on Sunday. The revised rates of petrol and diesel in the national capital stood at Rs 80.05/litre (decrease by 40 paise/litre) and Rs 74.05/litre (decrease by 33 paise/litre).
The recent reduction in fuel prices is a result of stabilising Brent crude oil price, which has corrected almost $10 per barrel after it climbed to a high of $86 per barrel.
In the last eight days, petrol prices have seen a significant reduction of Rs 1.73 in Delhi, Rs 1.70 in Kolkata, Rs 1.71 in Mumbai and Rs 1.72 in Chennai.
Earlier on October 4, the Central government announced a cut of Rs. 2.50 a litre each for petrol and diesel and urged state governments to match the reduction to provide relief from high fuel prices. After the central government's decision, several states followed the suit.
On the other hand, fuel rates witnessed a major decline in Mumbai too. The revised rates of petrol and diesel in the financial capital as of Sunday stood at Rs 85.54/litre (decrease by 39 paise/litre) and Rs 77.61/litre (decrease by 35 paise/litre) respectively.
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