The revised rates of petrol and diesel in Mumbai stood at Rs 82.80/litre (decrease by 14 paise/litre) and Rs 75.53 (decrease by 10 paise/litre).
Fuel rates were slashed for the fourth consecutive week on Thursday. The rates of petrol and diesel in Delhi were slashed by 15 paise/litre and 10 paise/litre respectively. The revised rates of petrol and diesel in the national capital on Thursday stood at Rs 77.28 per litre and Rs 72.09 per litre respectively.
On the other hand, the revised rates of petrol and diesel in Mumbai stood at Rs 82.80/litre (decrease by 14 paise/litre) and Rs 75.53 (decrease by 10 paise/litre).
Petrol prices had touched an all-time high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Fuel prices declined the day after following a cut in excise duty by the Centre and a subsequent reduction in sales tax or VAT by several state governments. Besides the state-run oil companies are also bearing a loss of Re 1 per litre of petrol and diesel sold. Thereafter, crude oil prices entered a bear market, resulting in a drop of petrol and diesel prices in India.
Since early October, the price of crude oil has fallen by a quarter to below $70 a barrel, its lowest in eight months. It is one of the biggest declines since a price collapse in 2014.
