Petrol price has fallen by Rs 13.79 per litre since October 18.

NEW DELHI: Fuel rates continued to decline on New Year's eve amid falling crude oil prices and appreciation in the rupee against the US currency. Petrol price was further reduced by 20 paise on Monday to its lowest level in 2018 while diesel rates were cut by 23 paise to a nine-month low.

Petrol price in Delhi was cut to Rs 68.84 from Rs 69.04 per litre while diesel dipped to Rs 62.86 from Rs 63.09, according to notifications of state-owned oil firms.

Petrol prices have been on a decline since October 18 except for one day. Diesel rates are at their lowest since March.

In last 2 months, price of petrol rose just once, by 10 paise

In all, petrol price has fallen by Rs 13.79 per litre since October 18, more than negating all of the hike that was witnessed in the two-month period starting mid-August. Diesel prices have declined by Rs 12.06 per litre in two and half months.

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. Between August 16 and October 4, petrol price was hiked by Rs 6.86 per litre and diesel by Rs 6.73.

On that day, the government decided to cut excise duty on petrol and diesel by Rs 1.50 per litre each and asked state-owned fuel retailers to subsidise the price by another Re 1 a litre by reducing their margins.

As the international oil prices continued to rise, price of petrol and diesel in Delhi increased to Rs 82.83 and Rs 75.69 on October 17. But since then, international oil prices have been falling and rupee has also appreciated, resulting in a decline in retail rates.

During the last two and half months, petrol price rose on just one day — by 10 paise on December 18. Diesel rates rose on December 17 and 18 by 9 paise and 7 paise, respectively. Industry sources said as per the assessment, the retail prices of petrol and diesel may reign easy in the next few days.

(With PTI inputs)



In Video: Petrol, diesel prices dip further on New Year’s Eve