New Delhi, November 9: The price of petrol and diesel in national capital Delhi as on Friday, November 9, is Rs 78.06 per litre- decrease by Rs 0.15 and Rs 72.74 per litre- decrease by Rs 0.15, respectively. Petrol and diesel prices in Mumbai are Rs 83.57 per litre- decrease by Rs 0.15 and Rs 76.22- decrease by Rs 0.16, respectively.

In India, oil marketing companies take into account a 15-day average of crude oil prices and the valuation of rupee to arrive at the daily price of petrol and diesel.

The fuel prices continued an upward trend throughout India till October 4, when petrol prices reached an all-time high of Rs 84 per litre in Delhi and Rs 91.34 in Mumbai. Diesel had reached Rs 75.45 in Delhi and Rs 80.10 in Mumbai. The central government intervened and Union Finance Minister Arun Jaitley announced a rate cut of Rs 2.50 in fuel prices to provide relief to the common man. Excise Duty Cut on Petrol, Diesel to Cost Rs 10,500 Crore, Arun Jaitley Asks States to Reduce VAT on Fuel.

Certain states also reduced the VAT following the Central government's cut which made the prices of fuel go down by Rs 5 (selective states). However, prices increased on a daily basis then as the dynamic pricing came into the play with rates increasing everyday. But since the past fortnight, the prices of fuel have seen a downward turn, resulting into the much needed relief for the common man.

(The above story first appeared on LatestLY on Nov 09, 2018 08:37 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).