Fuel price was reduced for the 11th time on Sunday as the international oil prices ease out. Petrol prices was cut by 40 paise whereas, diesel price was reduced by 33 paise.
Petrol in Delhi now costs Rs 80.05 a litre and diesel is priced at Rs 74.05 per litre, according to a price notification issued by state-owned oil firms.
In all, price of petrol has dropped by Rs 2.78 per litre and diesel by Rs 1.64 per litre as a total of eleven price cuts.
The prices of fuel had shot up earlier in October, marking the highest in on October 4 with petrol and diesel being Rs 84 and Rs 75.45 per litre, respectively.
The extensive price hike was followed by subsidies on behalf of the government.
International prices of fuels started falling in the third week of October which subsequently eased down the fuel prices in India. In the meanwhile, rupee appreciated against US dollar.
The twin factors have brought down fuel prices to two-month low. "As per the assessment, the retail prices of petrol and diesel may reign easy in the next few days," an official statement had said on October 26.
The retail selling price of petrol and diesel is dependent on the international prices of benchmark fuel and the rupee-US dollar exchange rate. This is because a large proportion of country's requirement is met through imports.
(With inputs from PTI)
