New Delhi: As the global crude oil rates continue its downward trend, petrol and diesel prices in Delhi were once again decreased by 0.21 paisa and 0.18 paise, respectively. In the national capital, a litre of petrol is now retailing at Rs 78.21, whereas diesel at Rs 72.89. Likewise, fuel prices in Mumbai also witnessed a dip with petrol and diesel prices coming down by 0.20 paise and 0.19 paise respectively. Oil marketing companies (OMCs) are retailing petrol in Mumbai at Rs 83.72 and at the same time diesel is being sold at Rs 76.38 per litre. After witnessing a continuous cut from the past five days, petrol and diesel prices remained unchanged on the eve of Diwali. It is worth mentioning here that petrol price has touched its lowest level in the last six weeks in Delhi on Tuesday.

The stability reform in fuel prices across the country has been on the account of drop in international crude oil prices and strengthening on Indian currency against the US dollar. Brent crude futures, a benchmark of international crude price, have dropped below the $72 per barrel level on Wednesday amid oversupply. Over the last 2 weeks, crude prices have witnessed a decline of 15 per cent in the global markets.

Petrol price had touched a record high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai on October 4. Diesel on that day had peaked to Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai. After this relentless hike in fuel prices, the government decided to cut excise duty on petrol and diesel by Rs 2.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Rs 2.50 a litre by reducing their margins. Even the industry sources said as per the assessment, the retail prices of petrol and diesel may witness a further dip in the days to come.