As fuel prices reduced by a big margin on Wednesday, the petrol rate New Delhi fell below the Rs 75 per litre-mark at Rs 73.57 after a gap of seven months.
According to Indian Oil Corporation, in Delhi on Wednesday, petrol prices saw a cut of 50-53 paise per litre while diesel prices saw the same by 40-43 paise bringing the latter to Rs 68.49.
In Chennai and Kolkata, petrol was selling at Rs 76.35 per litre and Rs 75.57 per litre respectively. While both the metros saw a drop of price by 53 and 49 paise respectively from Tuesday, diesel in these cities was sold at Rs 72.34 and Rs 70.34 respectively.
In Mumbai, petrol rates came down to Rs 79.12 per litre on Wednesday compared to Rs 79.62 on Tuesday while diesel in Mumbai came to Rs 71.71 per litre from Rs. 72.13 per litre.
So far, petrol prices have been reduced by nearly Rs 6 per litre for November, while diesel has reduced by nearly Rs 5.50 across major cities of the country.
Brent crude oil futures reached near $60.75 per barrel mark on Wednesday. Last week, they reached their lowest since December 2017 at $59.04 per barrel. The recent cut in fuel prices will have a positive impact on the country's inflation reading, which the RBI uses for taking decisions on policy rates.