New Delhi: After 16 days of consecutive price hikes, oil prices declined today as Indian Oil Corp, the country's top refiner and fuel retailer, marginally cut fuel prices across India, its website showed on Wednesday.
The petrol prices have been cut down by 60 paise in Delhi to Rs 77.83 /litre on Wednesday, while diesel price went down by 56 paise in Delhi and 59 paise in Mumbai.
Fuel prices vary from state to state due to local taxes.
Meanwhile, the cost of diesel per litre as on Wednesday is Rs 68.75 per litre in Delhi, Rs 73.20 per litre in Mumbai, Rs. 71.30 in Kolkata and Rs. 72.58 in Chennai.
Domestic petrol and diesel prices touched a record high on Friday.
Companies have raised prices of petrol and diesel by Rs 3.80 and Rs 3.38 a litre respectively in the last 16 days after keeping a price freeze for about 19 days ahead of Karnataka elections.
