Petrol prices have come down by Rs6.26 since the October 4 record high of Rs91.16 per litre and on Tuesday hit a two-month low at Rs84.90 for a litre here.
This was for the first time in over two months that petrol prices fell below the Rs85 per litre-mark. This price was even lower than the dip to Rs86.81 petrol per litre on October 5 after the Union government had slashed petrol prices across the country by Rs4-Rs5 a litre.
Prices for a litre of petrol and diesel in the city had soared to Rs91.16 and Rs78.69, respectively, on October 4. The Centre had then slashed the excise duty on the two fuels to lower pump prices, as the global crude surged to a four-year record.
Following the government’s intervention, petrol in the city was sold at Rs86.81 per litre and diesel at Rs76.10 per litre on October 5. The prices, however, continued to rise after October 5 despite the excise duty cuts. Read more