Petrol price dips below Rs 74 mark, diesel wipes off all hike

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New Delhi:

Petrol price Wednesday fell below Rs 74 per litre mark for the first time since April as the six-week long price reduction spree wiped off all of the massive price hikes witnessed in petrol and diesel rates earlier this year.

Petrol price in Delhi was cut by 50 paisa to Rs 73.57 per litre, according to a price notification issued by state-owned fuel retailers. This is the lowest petrol price since April. Diesel rates were cut by 40 paisa to Rs 68.89 a litre, the notification said.

With this, the reduction in rates in last six weeks totals Rs 9.26 per litre on petrol and Rs 7.2 per litre on diesel. Rates have been on the decline since October 18. This has wiped off all of the price hike on petrol and diesel in two months beginning August 16.

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 an all-time high of Rs 75.45 a litre in Delhi and Rs 80.10 in Mumbai.

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