New Delhi, October 20: Prices of petrol and diesel were slashed by oil companies for the third consecutive day on Saturday. In Delhi, the petrol price was slashed by 39 paise to Rs 81.99 per litre, while diesel saw a decrease of 12 paise and is now being retailed at Rs 75.36 per litre. There was a decrease of 38 paise in petrol prices and 13 paise in diesel rates in Mumbai.

Following the cut, per litre cost of petrol and diesel is Rs 87.46 and Rs 79.00, respectively in Mumbai. A similar dip in prices was witnessed in other metropolitan cities of Kolkata and Chennai. Petrol and diesel are being sold at Rs 83.82 per litre and Rs 77.21 per litre, respectively in Kolkata. While petrol prices in Chennai settled at Rs 85.24 per litre and diesel at Rs 79.70 per litre. Petrol and Diesel Dealers Strike in Delhi; DPDA Announces Day-Long Bandh on October 22 as Kejriwal Government Refuses To Lower VAT.

On Thursday, the prices of petrol and diesel were slashed for the first time in over two months. Petrol prices were reduced by 21 paise in both Delhi and Mumbai, while diesel cost was cut by 11 paise. Fuel rates were cut for the second consecutive day on Friday. Petrol price was cut by 24 paise, and diesel by ten paise in Delhi. In Mumbai, however, diesel price was slashed by 11 paise.

Prior to Thursday’s cut in rates, diesel price had risen by Rs 2.74 per litre, and petrol by Rs 1.33 since October 5 when the government had cut excise duty on petrol and diesel by Rs 1.50 per litre and asked state-owned oil marketing companies (OMCs) to subsidise the two fuels by another Re 1 a litre. The reduction in BJP-ruled states was more as they matched this cut by an equivalent decrease in local sales tax or VAT.

Before the October 5 price cut, petrol in Delhi had hit an all-time high of Rs 84 per litre and diesel was at record Rs 75.45. This came down to Rs 81.50 per litre for petrol and Rs 72.95 in case of diesel. In Mumbai, petrol had hit a peak of Rs 91.34 hit on October 4 and diesel was sold at a record high of Rs 80.10.

(The above story first appeared on LatestLY on Oct 20, 2018 08:15 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).