Petrol and diesel prices are decided daily and come into effect from 6 am.Fuel prices were slashed for the 12th straight day on Monday across the four metro cities.
With effect from 6 am on Monday, petrol prices were slashed to Rs 79.75 per litre in New Delhi and Rs.
85.24 per litre in Mumbai.
Diesel rates were cut to Rs.
73.85 per litre in New Delhi and Rs 77.40 per litre in Mumbai.
In Chennai, petrol and diesel prices were at Rs 82.86 per litre and Rs.
78.08 per litre respectively.
In Kolkata, petrol and diesel rates were at Rs 81.63 per litre and Rs.
75.70 per litre respectively.Fuel prices had earlier witnessed a relentless hike in the country until the government, on October 4, decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise by another Re 1 a litre by reducing their margins.
Subsequent to this, the petrol price came down to Rs 81.50 per litre and diesel to Rs 72.95 a litre on October 5.(Fuel prices had earlier witnessed a relentless hike in the country.)Petrol and diesel prices are decided daily on the basis of global crude oil prices the movement of the rupee against the US dollar.As international oil prices continued to rise, price of petrol and diesel were raised even after the cuts.However, beginning October 18, international oil prices have been falling and the rupee has also appreciated against the dollar.
The twin factors have brought down fuel prices to two-month lows in Delhi, reported by news agency Press Trust of India (PTI).Meanwhile, global oil prices dipped on Monday amid cautious sentiment as a plunge in financial markets last week and dollar strength early this week underscored concerns that growth may be slowing, especially in Asia's emerging economies.
Front-month Brent crude oil futures were trading down 39 cents, or 0.5 per cent, at $77.23 a barrel at 0616 GMT or 11:46 am IST.(With inputs from agencies)