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Fuel prices were slashed on Thursday, November 4, across the country after the government reduced excise duty to bring down retail rates from record highs.
The Centre’s decision came on the eve of Diwali.
In the national capital, petrol rates fell ₹ 6.07 to 103.97, while diesel rates declined ₹ 11.75 to ₹ 86.67, according to Indian Oil Corporation.
Petrol and diesel prices on Wednesday had touched an all-time high of ₹ 110.04 and ₹ 98.42 per litre respectively in Delhi after seven straight hikes.
The step to cut excise duty on fuel prices will cost the government ₹ 1.4 lakh crore annually.
