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.