Slashed for 2nd straight day, petrol falls below Rs 88-mark in Mumbai

With a cut of 11 paise, diesel now costs Rs 79.13 in Mumbai

For the second day in a row, fuel prices were cut across cities on Friday. While petrol prices have been cut by 24 paise, diesel rates are down by 10 paise.

In New Delhi, petrol is being retailed at Rs 82.38 per litre, down from Thursday's rate of Rs 82.62. The fuel is now priced at Rs 87.84 in Mumbai, Rs 85.64 in Chennai and Rs 84.20 in Kolkata.

With the latest revision, diesel in Delhi, Mumbai, Kolkata and Chennai is now being sold at Rs 75.48, Rs 79.13, Rs 79.83 and Rs 77.33 per litre, respectively.

Falling crude oil prices in the international market is the major reason behind the back to back price cuts in petrol and diesel.

As per the country's pricing mechanism, the domestic fuel prices depend on international fuel prices on a 15-day average besides the value of the rupee.

The decline in petrol and diesel prices on Thursday came almost a fortnight after Finance Minister Arun Jaitley announced a cut in excise duty by Rs 1.50 a litre.

Additionally, the state-owned oil marketing companies (OMCs) had been mandated to reduce prices of petrol and diesel by Re 1 a litre.

Petrol:

City	New rates (Rs)	Previous rates (Rs) (on Oct. 9)	Cut (Paise)
Delhi	82.38	82.62	24
Mumbai	87.84	88.08	24
Chennai	85.63	85.88	25
Kolkata	84.21	84.44	23

Diesel:

City	New rates (Rs)	Previous rates (Rs) (on Oct. 9)	Cut (Paise)
Delhi	75.48	75.58	10
Mumbai	79.13	79.24	11
Chennai	79.82	79.93	11
Kolkata	77.33	77.43	10