New Delhi, Nov 16 (Zee News): The prices of petrol and diesel continued to drop on Friday, with petrol being sold at Rs 77.10 per litre (decrease by Rs 0.18) and diesel is at Rs 71.93 per litre (decrease by Rs 0.16) in the national capital.

In Mumbai, the prices of petrol and diesel are Rs 82.62 per litre (decrease by Rs 0.18) and Rs 75.36 per litre (decrease by Rs 0.17) respectively.

The fuel prices have been witnessing a consistent dip since the last few weeks. The rates have been on the decline in October as the government cut excise duty by Rs 1.50 a litre and asked oil firms to subsidise fuel by another Re 1 a litre, which many states matched with equivalent cuts in sales tax (VAT), and international oil prices softened.

However, in August and September, the fuel prices were on a steady rise on the back of a spurt in international oil rates and depreciation in rupee value against the US dollar.

Petrol price had touched an all-time high of Rs 84 a litre in Delhi on October 4 while diesel price had touched a record high of Rs 75.45.