Petrol prices cut for the eighth day in a row. Check price details here

Petrol price fell today for the eighth straight day in a row as Indian Oil, India's largest retailer, on Wednesday reduced petrol prices by 11 paise, while diesel prices were cut by 8 paise in Delhi.

Petrol now costs Rs 77.72 in Delhi, while in Mumbai it costs Rs 85.54 per liter. Diesel price in Delhi was Rs 68.80 per liter and Rs 73.25 in Mumbai. In the last eight days, petrol prices have been slashed by around 71 paise per litre in Delhi, while Diesel is down nearly 53 paise.

Prices vary from state-to-state depending on local sales tax or VAT. Delhi has the cheapest price among all metros and most state capitals.

In the 16 consecutive increases since May 14, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38.

Lower global crude oil cost, along with a strengthened rupee, has pulled down the prices of fuels since May 30.

The recent surge in the prices of key transportation fuels was attributed to a rise in crude oil cost, which rose till last week, and the high excise duties levied on the fuel in the country.

State-run oil marketing firms have been lowering petrol prices since last one week although the rates continue to rule at unprecedented levels following the resumption of daily price changes after a 20-day suspension of the system last month owing to the Karnataka elections.

In the 16 consecutive increases since May 14, petrol price was hiked by Rs 3.8 per litre and diesel by Rs 3.38.