The downward slide in petrol and diesel prices continued on Saturday after the rates were cut by 19 and 11 paise a litre respectively in the national capital on softening worldwide oil prices.
Fuel prices were further cutback by the Central Government on Friday with petrol and diesel now being sold at Rs 79.18 and Rs 73.64 per litre respectively in the national capital. In Delhi, petrol now costs Rs 78.99 a litre and diesel is priced at Rs 73.53 per litre.
Petrol and diesel prices were slashed again on Saturday after the price of crude oil dipped in the global market.More news: U.S. added 250,000 jobs, wage growth fastest since 2009
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"We strongly urge all retailers to lower their petrol prices in line with the reduced wholesale cost of unleaded", he announced. "Oil prices are beyond the control of the Indian Government". But beginning October 18, global oil prices have been falling and the rupee has also appreciated against the United States dollar which pulled the fuel rates down.
Before the October 5 price cut, petrol in Delhi had hit an all-time high of Rs 84 per litre while diesel was at record Rs 75.45.
Last month, the Central government had slashed the Excise duty on petrol and diesel by Rs 1.50 a litre and asked the oil firms to subsidise fuel by Re one per litre. Due to that petrol and diesel are now cheaper in Noida compared to Delhi.