New Delhi: Continuing its downward trend, fuel prices were further cutback by the Oil Marketing Companies (OMCs) on Saturday with petrol and diesel now being sold at Rs 78.99 and Rs 73.53 per litre, respectively. Compared to Friday, petrol and diesel prices witnessed a decrease of 19 and 11 paise respectively in Delhi on Saturday. Meanwhile, in Mumbai, petrol and diesel are retailed at Rs 84.49 (decrease by 19 paise) and Rs 77.06 (decrease by 12 paise), respectively. Last month, fuel prices witnessed a relentless like with prices touching record level high across the country. On October 4, petrol had surged to a record high of Rs 84 and diesel had gone up to Rs 75.45.

Overall, in the last 15 days, petrol price in Delhi came down by Rs 3.28 per litre, while the diesel price saw a reduction of Rs 1.84. Last month, the Central Government announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre, urging state governments to do the same on their end.

However, in Gujarat, diesel prices are higher than petrol. In the state, a litre of petrol costs Rs 76.09 paise whereas diesel is being retailed at Rs 76.86. Fuel prices across the country have seen a continuous fall over the last 16 days.

The reduction in fuel prices come amid relaxation in global crude oil prices. Oil prices fell early on Thursday amid signs of rising supply and growing concerns that demand might weaken on the prospect of a global economic slowdown. According to a report by news agency Reuters, the Brent crude January futures contract lost 44 cents, or 0.32 per cent, to trade at $74.72 per barrel by GMT 0054 GMT.

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The volatility in global crude oil prices affects the prices of petrol, diesel and other petroleum products in India. The fluctuation also affects the value of rupee that had breached the psychological barrier of 74 against the US dollar earlier this month.