The prices of petrol and diesel were slashed by 21 paise and 11 paise after 13 days today.
After remaining constant for two days, the prices were slashed giving relief to consumers. Petrol is selling at Rs 88.08 per litre and diesel at Rs 79.24 per litre in Mumbai.
In Delhi, after the revised rates today, petrol is selling at Rs 82.62 per litre and diesel at Rs 75.58 per litre.
The government had announced a relief of Rs 2.50 per litre for consumers with the Centre bearing a loss of Rs 1.5 per litre in terms of excise revenue and the Oil Marketing Companies taking a hit of Re 1. This was followed by an equivalent cut of Rs 2.5 per litre by a number of state governments.
However, rising oil prices wiped out the respite that consumers got on account of the price cut announced by the government.