Petrol price witnesses decline on Wednesday

In what could bring relief to the consumers from relentless rate hikes, petrol prices witnessed further reduction on Wednesday.

The petrol price in Delhi has been reduced by nine paise to retail at Rs 81.25 per litre, while it is being retailed at Rs 86.73 per litre after an eight paise reduction in Mumbai.

However, there is no decline in price of diesel in Delhi and Mumbai as it is being sold at Rs 74.85 per litre and Rs 78.46 per litre respectively.

The fuel prices had been witnessing a relentless hike since the past few months in the country, burning a hole in the common commuter's pocket.

On October 4, in a bid to ease the crunch caused by soaring fuel prices, Finance Minister Arun Jaitley, announced a reduction of Rs 2.50 per litre on both petrol and diesel prices after curbing excise duty on the commodity by Rs 1.50 per litre.