New Delhi, November 8: Prices of petrol and diesel were slashed again on Thursday as fuel rates continue to go down across the country. Price of petrol was decreased by 21 paise and 20 paise in Delhi and Mumbai respectively. The cost of a litre of diesel was reduced by 18 paise in the national capital and 19 paise in the financial capital.

Petrol is now being sold at Rs 78.21 per litre, while diesel is being retailed at Rs 72.89 per litre in Delhi. In Mumbai, the prices of petrol and diesel are Rs 83.72 per litre and Rs 76.38 per litre respectively. Multiple factors such as lower international crude oil cost and a recovery in the rupee against the US dollar are leading to a cut in fuel prices. Fuel Price Hike: Baba Ramdev Says If Government Allows, He Can Give Petrol & Diesel to India at Rs. 35-40 per Litre.

Following five consecutive days of reduction, state-run oil marketing companies, however, kept prices of fuel unchanged on Wednesday. Petrol was priced at Rs 78.42 per litre in the national capital on Wednesday, which was its lowest level in the last over six weeks. Petrol was priced at Rs 83.92 per litre in Mumbai on Wednesday. Petrol and Diesel Prices are Very High and Hurting People, Says Nitin Gadkari.

The cost of diesel remained unchanged as well. The price of diesel in Mumbai and Delhi was at Rs 76.57 and Rs 73.07 per litre, respectively. Prices vary from region to region due to local taxes as the product is excluded from the GST regime. Earlier, fuel prices had witnessed a relentless hike in the country, burning a hole in the commuter's pocket.

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. Prices had started to climb from August 16.

The government had on October 4 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 and urged respective state governments to slash the same amount at their end.

(The above story first appeared on LatestLY on Nov 08, 2018 06:58 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).