Petrol price today: Continuing the fall, petrol prices witnessed further reduction on Wednesday. In what could bring relief to the consumers from relentless rate hikes, the fuel rates decreased for the seventh consecutive days. The petrol price in Delhi has been reduced by nine paise, while it has been reduced by eight paise in Mumbai. The petrol is being retailed at Rs 81.25 per litre and Rs 86.73 per litre in Delhi and Mumbai, respectively. However, there is no decline in price of diesel in Delhi and Mumbai. It is still being sold at Rs 74.85 per litre and Rs 78.46 per litre respectively.

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. Notably, the reduction in fuel prices came after Prime Minister Narendra Modi met the top executives of global and Indian oil and gas companies last week. He had appealed to the oil-producing countries to channel their investible surplus to pursue commercial exploitation in the oil sector in developing countries.

On October 4, in a bid to ease the crunch caused by soaring fuel prices, Finance Minister Arun Jaitley 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.