Petrol prices drop for tenth straight day, fall below Rs 86-mark in Mumbai

With the latest revision, petrol now costs Rs 85.93 per litre in Mumbai, Rs 82.31 in Kolkata and Rs 83.60 in Chennai

Petrol and diesel prices continued the downfall on Saturday with a cut of around 40 paise and 36 paise, respectively.

In Delhi, the petrol price has been reduced by 40 paise and is now being retailed at Rs 80.45 per litre.

With a similar reduction, petrol now costs Rs 85.93 per litre in Mumbai, Rs 82.31 in Kolkata and Rs 83.60 in Chennai.

Diesel rates in top cities are as following:

• Delhi - Rs 74.38/litre
• Mumbai - Rs 77.96/litre
• Kolkata - Rs 76.23/litre
• Chennai - Rs 78.64/litre

In the last 10 days,  petrol and diesel prices have come down by Rs 2.38 per litre and Rs 1.31 per litre in Delhi.

The rates are off their record high of Rs 84 per litre for petrol and Rs 75.45 a litre for diesel touched on October 4.

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 by another Re 1 a litre by reducing their margins.

According to a report, the reductions were a result of falling global crude oil prices and the rupee's appreciation against the US dollar and that prices were expected to soften further in the coming days.