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Diesel rates had gone up by Rs 12.55 a litre between June 7, when oil firms resumed revising prices in line with cost, and July 25.
Diesel price on Thursday was cut for the first time in close to six months after state-owned fuel retailers reduced retail selling rate by 16 paise per litre.
Diesel now costs Rs 73.40 per litre in the national capital, as against Rs 73.56 a litre previously, according to a price notification of state-owned fuel retailers.
Petrol, which witnessed the second rally in rates beginning mid-August, was unchanged at Rs 82.08 a litre.
This is the first reduction in diesel price since mid-March when Indian Oil Corp (IOC), Bharat Petroleum Corp Ltd (BPCL) and Hindustan Petroleum Corp Ltd (HPCL) froze rates for 82 days to adjust a record hike in excise duty on auto fuels against falling benchmark cost.
Diesel rates had gone up by Rs 12.55 a litre between June 7, when oil firms resumed revising prices in line with cost, and July 25.
Diesel price has remained unchanged in the country since July 25, except in Delhi where a reduction in VAT lowered the rate by Rs 8.38 per litre.
Petrol price went up by Rs 9.17 per litre between June 7 and June 29 before hitting a pause.
The revision cycle again started on August 16 and rates have gone up by Rs 1.51 since then.
In all, the petrol price has risen by Rs 10.68 since June 7.
In Mumbai, petrol comes for Rs 88.73 per litre while diesel is priced at Rs 79.94, as against Rs 80.11 previously, according to the price notification.
In Kolkata, petrol is priced at Rs 83.57, while diesel now costs Rs 76.90 a litre, down from Rs 77.06 previously.
In Chennai, petrol comes for Rs 85.04 a litre and diesel for Rs 78.71, as against Rs 78.86 previously.
State-owned fuel retailers revise rates of petrol and diesel daily based on average price of benchmark fuel in the preceding 15 days.
Photograph: Rupak De Chowdhari/Reuters